In 2022, cryptocurrency has received widespread acceptance and integration across the world. Currently, PicPay, a Brazilian digital payment firm, is at cryptocurrencies.
According to reports, it just launched an exchange platform, a cryptocurrency unit, and a stablecoin. With the introduction of a stablecoin and fully-functional crypto exchange, PicPay is completely embracing the crypto vortex.
It appears the fiat system is no longer sufficient for the fintech firm. Moreover, the organization has formed a new business unit called Web3 and Crypto.
This crypto unit would be responsible for creating financial services and products. This would bridge the gap between traditional finance and the crypto ecosystem.
PicPay Embraces Crypto
Fintech has concentrated on providing a payment solution that utilizes usernames as account numbers. It also supports the purchase of gift cards and invoice payment services.
Meanwhile, PicPay is among the most well-known firms in Brazil. It has over 62.9 million registered customers.
PicPay first revealed the opening of a crypto exchange in 2019. The platform initially supported Bitcoin, Ethereum, and the Paxos USDP stablecoin.
Additionally, the firm introduced a stablecoin, BRC (Brazilian Real Coin). The stablecoin is linked 1:1 to the Brazilian Real, the nation’s official fiat currency.
The BRC would be a decentralized token that users may access via external wallets. However, those using PicPay’s services can use their tokens to make payments, purchases, and transfers.
Moreover, PicPay plans to introduce metaverse and NFT-related services. However, the company has not disclosed when it will launch them.
More Crypto Firms Swarm Into Brazil
Brazil has emerged as a critical market for cryptocurrency companies recently. These firms are introducing more crypto-focused services into the region. This is the case, especially for those that wish to operate in the Latin American market.
Recently, Binance acquired the broker known SimPaul. The aim was to strengthen its regulatory position and also provide fiat to cryptocurrency services in the region.
Similarly, Crypto.com has chosen Brazil as the first Latin American nation to accept its crypto-backed reward cards. However, other crypto businesses have emerged in the country besides foreign firms.
Some of the firms provide support for prepaid cards and crypto transactions. They include Méliuz, Uzzo, and Mercadolibre. Furthermore, Brazil is also a giant in the area of conventional investing.
It has the most significant number of actively managed funds and exchange-traded funds (ETFs) specializing in crypto. The leading Brazilian companies in this sector include QR Asset Management and Hashdex.
