Brazilian Fintech PicPay Forays into Crypto, Going to Launch Its Exchange and Stablecoin

UTC by Mayowa Adebajo · 2 min read
Brazilian Fintech PicPay Forays into Crypto, Going to Launch Its Exchange and Stablecoin
Anderson Chamon, PicPay's VP of Technology and Products. Photo: PicPay

PicPay follows in line with other big-name Brazilian companies trying to maximize the potential of the crypto sector.

Digital payments app PicPay appears to be the latest firm in a long list of Brazilian fintechs that are making their way into Web3.0 and crypto in general. With this move, PicPay follows in line with other big-name companies trying to maximize the potential of the sector.

In June, Brazilian largest digital bank per market value, Nubank, included Bitcoin and Ether trading options on its platform. And even before that, Mercado – which is by far the largest e-commerce platform in the entire Latin America region, allowed Brazilians to hold and trade cryptocurrencies.

PicPay to Lead Crypto Popularization in 2022

According to a recent announcement by the firm, it will launch a crypto exchange and a stablecoin that will be tied to the Brazilian real, all within the year. On the exchange, users will have access to top cryptocurrencies like Bitcoin and Ether in particular. And in addition, the exchange will also list Paxos’ USDP stablecoin. This will make it seamless for users when they want to pay, transfer and store cryptocurrency, said the statement.

Meanwhile, the vice president of technology and products at PicPay, Anderson Chamon has explained the decision to enter the crypto market. Chamon claims that, without a doubt, crypto is an investment. But, he also said that the company is interested in the way that crypto encourages decentralized payments. So, to this end, PicPay will love to be at the forefront, leading the popularization of the crypto sector.

To achieve its goals, the firm has already created a special unit that will be focused on all things crypto. And according to Chamon, plans are in motion to hire new crypto and Web3.0 hands to fill up this unit.

Crypto Is Still as Attractive as Ever

Meanwhile, the interest of PicPay in crypto goes to show that the appeal of the sector has not faded away. Despite the prevalent downturn that is evident within the sector in the past few months, interests are yet springing up. According to the payments app’s team, they “believe that cryptocurrencies will grow again as new ways of using them appear and become commonplace.”

Presently, the platform boasts over 65 million users, and its addition of crypto services will undoubtedly bolster crypto adoption.

Cryptocurrency news, FinTech News, News
Mayowa Adebajo

Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.

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