Brazil’s prominent payment app PicPay has decided to venture into the world of cryptocurrencies by teaming up with crypto exchange Paxos. With this integration Paxos will be facilitating users to buy Bitcoin and Ethereum.
PicPay has officially announced via their blog post that client shall be able to buy, sell and also store two major digital assets which are Bitcoin and Ethereum. These transactions will happen on the PicPay app directly.
The reason behind PicPay’s trading service program can be traced to crypto’s real use cases which are provided by virtual assets that include security among many other benefits. PicPay stated,
Blockchain technology, which is behind coins like Bitcoin and Ethereum, is already used in the real estate sector, the insurance industry and even the art market, through non-fungible tokens.
The company at the moment has more than 30 million active users who will have access to purchase, sell and store crypto on the application itself.
PicPay’s Goal Is To Lead The Crypto MarketThis new feature has come into existence with a help of a partnership with the major digital asset company Paxos. The exchange shall allow customers to use the Paxos-issued United States dollar backed stablecoin USDP.
Paxos has been one of the biggest crypto exchange which has a reputation for partnering with the world’s most renowned traditional finanical firms such as PayPal and also Venmo. Currently, this fintech app has dedicated its resources on building a feature that will help clients pay via cryptocurrency as well.
Bruno Gregory, Head of PicPay’s Crypto and Web3 business unit stated,
PicPay is one of the most disruptive players in payments in Brazil and our goal is to lead the growth of the crypto market, by eliminating the complexity that is still associated with it and expanding information on the technology, so that everyone can take advantage of this asset class, technology.
Next Plans Concerning Stablecoin And The Payment FeaturePicPay has a goal to go beyond just venturing into the world of crypto as it wishes to offer crypto investments to the people of Brazil.
The exchange has plans that by the end of this year, users shall be able to pay using digital assets through the exchange on the app itself and also complete the crypto transfers.
Along with these plans, PicPay also has plans of launching its own stablecoin. It needs to be backed by the Brazilian real with the help of one-to-one parity that will let the stablecoin be accessible as a payment method that accepts any digital assets here.
The exchange is aiming to do this so that consumers can directly deal in digital assets without needing to exchange the assets for fiat money first.
Similarly, PicPay’s system will need to liquidate the cryptocurrency asset for the merchants first before it accepts the digital assets. This is to safeguard the merchants from the high volatility and help them store stable assets.
Once the Brazilian real-pegged stablecoin will go live it will help with payments in the app or through a different wallet. This shall help the tourists most as the they will be allowed to purchase this token on any exchange with the help of PicPay enabled merchants.
Bitcoin was priced at $23,600 on the four hour chart | Source: BTCUSD on TradingView Featured image from Play Crazy Game, chart from TradingView.com