Brazilian payment service PicPay to launch crypto exchange and stablecoin

According to representatives of the platform, a stablecoin, pegged to the real, will be available for trading and storage in 2022

13.07.2022 - 15:45

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What's new? Brazilian payment service PicPay plans to launch a cryptocurrency exchange and stablecoin Brazilian Real Coin (BRC) pegged to the real. According to the blog post, the platform will provide storage and trading opportunities for BTC, ETH and stablecoin from Paxos, USDP. It is reported that the release of BRC will take place as early as 2022.

PicPay's Blog

What else does the blog say? PicPay Vice President of Technology and Products Anderson Chamon said that the service is entering the cryptocurrency market to popularize it not only as a way to invest, but also to decentralize payments and other financial services. He said PicPay created a special cryptocurrency division, adding that the company plans to hire new specialists in digital assets and Web 3.0.

PicPay was founded in 2012 as a digital wallet provider, which was later redesigned into a payment app. It offers, among other things, financial market trading capabilities. The platform has more than 65 million registered users, 30 million of whom are active.

In May, Brazilian digital bank Nubank partnered with Paxos to allow customers to trade bitcoins and Ethereum.

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