The Picpay payment and wallet app is now providing cryptocurrency services in Brazil. The company, which had announced this launch last month, now lets its customers buy, sell and hold digital assets on its platform. The company, which now has more than 30 million active users, will allow them to buy, hold and sell cryptocurrencies directly through its app.
The crypto services offered by Picpay will be provided by Paxos, a service platform blockchain based in New York. In the first iteration of the service, Picpay is only listing bitcoin, ethereum and Paxos' own dollar-pegged stablecoin, USDP, on its internal exchange. PicPay also plans to list more than 100 cryptocurrencies on its app.
According to a release from Paxos, PicPay’s Crypto Head Bruno Gregory shared: “PicPay is one of the most disruptive players in payments in Brazil and our goal is to lead the growth of the cryptocurrency market, eliminating the complexity that is still associated with it and expanding technology insights, so everyone can take advantage of this asset class and technology.”
Picpay also aims at the future in addition to entering the cryptocurrency market in Brazil, offering cryptocurrency investments to the average Brazilian. The organization is working on a service to allow cryptocurrency users to make payments directly with cryptocurrencies, without having to exchange those assets for fiat money first.