PicPay to launch cryptocurrency exchange in cooperation with Paxos

The minimum transaction amount will be 1 real, and the entire process will take place in the payment application

14.08.2022 - 07:30

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2 min

What’s new? Representatives of PicPay, a Brazilian payment app, have announced a collaboration with Paxos to launch a crypto exchange. It is reported that the platform will allow the purchase, sale, and storage of two major digital assets, bitcoin, and Ethereum, as well as Pax Dollar (USDP) stablecoin, backed by the US dollar. Transactions will take place directly in the PicPay app. Paxos will be the trading operator and custodian.

Information on the Paxos blog

What does the blog say? The minimum transaction amount will be 1 real. PicPay will also offer users educational content about cryptocurrencies, trading processes, and related risks. Mike Coscetta, Paxos Head of Revenue, noted:

“PicPay is renowned for its innovative payments solutions, ensuring this partnership will make it easier for Brazilians to use digital assets safely in their daily lives.”

What are the prospects? The company’s blog states that in 2022, users will be able to pay with cryptocurrencies in the PicPay app, as well as make crypto transfers. In addition to a cryptocurrency exchange, PicPay will launch its own stablecoin, the Brazilian Real Coin (BRC), with a peg to the real.

What is known about the companies? Paxos is a fintech company specializing in blockchain. It was founded in 2012. Its activities are regulated by the New York State Department of Financial Services (NYSDFS). The organization uses tokenization, storage, trading, and settlement technologies for digital assets for corporate clients. In March, Paxos was licensed by the Central Bank of Singapore.

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

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