Brazilian Fintech PicPay launches a Stablecoin and a Cryptocurrency Exchange

Brazilian Fintech PicPay launches a Stablecoin and a Cryptocurrency Exchange
Brazilian Fintech PicPay launches a Stablecoin and a Cryptocurrency Exchange

Brazilian digital payment startup PicPay is fully diving into the cryptocurrency wormhole, announcing a series of Web3-focused services ranging from the launch of a stack coin to a fully-fledged cryptocurrency exchange.

With more than 62.9 million registered users, PicPay is one of Brazil’s most prominent startups. Until today’s announcement, fintech has focused on offering a payment service that worked with usernames (similar to Cashapp). It also supported invoice payment services and gift card purchases.

PicPay becomes crypto-friendly

But the fiat world is no longer enough for PicPay. The company unveiled the establishment of a new Crypto and Web3 business unit, focused on developing financial services and solutions to build a bridge between the crypto ecosystem and the regular financial world.

First, PicPay announced the launch of a cryptocurrency exchange. The platform is expected to be available next August and will initially support Bitcoin, Ethereum and Paxos USDP stablecoin.

From then on, the company plans to continue adding tokens that reach 100 coins before the end of the year.

In addition, PicPay announced its intention to launch BRC (Brazilian Real Coin), a stable coin linked 1: 1 to the price of the country’s official fiat currency, Real.

BRC will be a decentralized token that can be used in third-party wallets. However, anyone using PicPay’s services will be able to use their symbols as if they were using fiat money to pay bills, buy things and transfer money, with PicPay immediately guaranteeing that merchants will be able to receive fiat money in their accounts. as if the transaction had been 100% in Brazilian reals.

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PicPay will also launch a service related to NFTs and metaverse, but did not provide much detail about it.

Brazil is the place to be

Brazil has become a strategic area for cryptocurrency companies looking to consolidate their presence in Latin America, and more and more cryptocurrency-focused services are becoming available in the region.

Binance recently acquired broker Sim; Paul to increase its regulatory strength and offer fiat to crypto services in the country. Similarly, Crypto.com chose Brazil as the first Latin American country to receive support for its cryptocurrency cashback cards.

Leaving aside the giants, Brazilians have seen several companies established in the industry. Mercadolibre, Méliuz, Uzzo and Z.ro bank are some of the startups that offer support for cryptocurrency transactions and prepaid cards.

And in a world of traditional investing, Brazil is the country with the most ETFs and actively managed funds focused on cryptocurrencies, with Hashdex and QR Asset Management dominating the sector.

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