Picpay will provide cryptocurrency services to more than 60 million customers in Brazil.

August 13, 2022

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Picpay will provide cryptocurrency services to more than 60 million customers in Brazil. Picpay, one of the most popular fintech payment companies in Brazil, has announced that it will start adding crypto services to its program. The company explained that the service includes buying cryptocurrency and paying directly with cryptocurrency. Picpay follows in the footsteps of companies such as Nubank and Mercado Libre, which recently started offering crypto services. And fintech companies are now approaching digital currencies as a way to extend their services to their customers. Brazilian fintech company BigPay has announced that it will allow customers to purchase cryptocurrency through its app using fiat funds. The company announced that its wallet will include several cryptocurrencies, including BTC, ETH and USDP, a Baxos-based stablecoin. According to local reports, the service will be handled by Paxos, the same company that has provided cryptocurrency management services to other companies such as Mercado Libre and Nubank that provide crypto services in Brazil. Anderson Chamon, co-founder and vice president of product and technology at Picpay, said this is a very important step for the company.

Picpay plans to launch the update next month, although it is not yet clear whether the company will allow cryptocurrency deposits and withdrawals from its platform. More than 60 million users of this program can use the new services in Brazil. As an extension of the new service, the app also allows customers to make cryptocurrency payments to merchants who use Picpay as part of their payment options. The fintech company plans to make this possible later this year by automatically converting cryptocurrencies to fiat money to protect traders from volatility. By the end of the year, Picpay expects to have more than 100 cryptocurrencies in its wallet, giving potential investors plenty of options. However, one of the most ambitious plans is to launch its own Brazilian stablecoin to be used for payments and purchases. About the planned stablecoin called Brazilian real currency (BRC).

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