The largest super app of Brazil, PicPay, is set to launch a cryptocurrency exchange (CEX). The technology company is also launching a stablecoin with a peg to Brazilian Reals.
“PicPay will enter the crypto market to lead its popularization not only as an investment, but also as a way to decentralize payments and other financial services,” says Anderson Chamon, VP (Technology & Products), PicPay.
PicPay’s new stablecoin will ease cryptocurrency payments, transfer, and storage. Access to Bitcoin (BTC), Ethereum (ETH), and USDP Paxos will be available on PicPay’s debuting exchange.
A digital wallet-cum-payments app, PicPay states in its press release that the retail crypto market of Brazil is “already very large.” In total, PicPay has 65 million platform users, with an active user-base of 30 million.
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In its statement, PicPay states the recent crypto market crash didn’t actually impact the Brazilian market.
“We believe that cryptocurrencies will grow again as new ways of using them appear and become commonplace,” PicPay opines.
PicPay’s venture into the Cryptoverse makes Brazil’s fintech market even more promising. In May, Brazil’s Nubank announced its Paxos partnership.
