THE CRYPTO EXCHANGE WILL USE REAL-TIED AS STABLECOIN!
On Monday, the Brazilian digital payments platform PicPay announced that it would introduce a cryptocurrency exchange and a stablecoin related to Brazilian real estate in 2022.
According to a statement from the firm, customers will be able to pay with, send, and keep the USDP stablecoin as early as 2022, thanks to the development of Paxos’ stablecoin. In addition, the exchange will give users access to bitcoin, ether, and the USDP stablecoin.
According to Anderson Chamon, vice president of technology and products at PicPay, “PicPay will enter the crypto market to lead its popularization not only as an investment but also as a tool to decentralize payments and other financial services.”
The business was first created in 2012 as a digital wallet, but it eventually evolved into payments software providing a financial marketplace. More than 65 million people utilize the platform, of which 30 million are active users.
According to Chamon, PicPay has also established a separate division for its cryptocurrency operations and intends to add fresh Web3 and cryptocurrency experts to that team.
Based on a poll performed by regional media source G1, PicPay claimed that the retail crypto market “is already quite significant in Brazil,” as seen by the fact that investors outnumber stock investors by two to one.
The business noted that, despite the decline in the cryptocurrency industry, its technology strategy has not changed. As new applications for cryptocurrencies emerge and spread, “we believe that they will expand again,” the statement continued.
The entry of PicPay into the cryptocurrency industry follows that of other significant Brazilian fintech organizations.
While Mercado Libre, the largest e-commerce company in Latin America by market value, allowed users in Brazil to buy, sell, and hold cryptocurrencies in December, Nubank, the most prominent digital bank in Brazil by market value, added the option for customers to buy and sell bitcoin and ether on its platform in May.