Paytech PicPay creates its own broker for buying and selling cryptocurrencies

August 25, 2022
Reporter at Suno Notícias
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PicPay, the payments app, announced on Wednesday (10) that it will now make buying, selling and storing cryptocurrencies available through its own brokerage, launched today, within the app.

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With the new cryptocurrency brokerage, PicPay will allow trading with Bitcoin and Ether, the two largest digital currencies in the world, as well as USDP, a dollar-backed stablecoin issued by Paxos.

From the novelty, the company begins its journey with the goal of demystifying cryptocurrencies and bringing them into people's daily lives "through a simple, informative and secure experience," according to a statement released.

"PicPay is one of the most disruptive players in payment methods in Brazil and our goal is to lead the popularization of the crypto market, eliminating the complexity that is still associated with it and expanding information on the subject, so that everyone can appropriate this technology," says Bruno Gregory, executive responsible for PicPay's Crypto and Web3 business unit.

In a note, PicPay states that the brokerage will be gradually made available to users. Currently, the payment institution already has more than 30 million active customers.

Trading can be done from R$ 1 and everything will take place within the PicPay application.

The company will also offer information about the crypto market during the broker's user experience. In other words, there will be educational content for customers who do not have any knowledge about cryptocurrencies.

The company explains that users will be able to access cards with content to clarify doubts about the new product, how trading works, what risks are involved, among other points.

The product is operated in partnership with Paxos, a leading regulated blockchain infrastructure company that will act as a broker and custody provider. Paxos is regulated by the New York Department of Financial Services and is also the issuer of USDP, the US dollar-equivalent stablecoin that will be available on the app.

PicPay's Next Steps

Later this year, users will be able to pay and receive using cryptocurrencies in the PicPay app, as well as make crypto transfers.

In addition to its new brokerage, PicPay intends to launch its own stablecoin later in 2022.

The digital currency will be backed by the Brazilian real, with one-to-one parity, and will allow PicPay to be used as a payment method worldwide, anywhere that accepts crypto wallets.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

With the new cryptocurrency brokerage, PicPay will allow trading with Bitcoin and Ether, the two largest digital currencies in the world, as well as USDP, a dollar-backed stablecoin issued by Paxos.

From the novelty, the company begins its journey with the goal of demystifying cryptocurrencies and bringing them into people's daily lives "through a simple, informative and secure experience," according to a statement released.

"PicPay is one of the most disruptive players in payment methods in Brazil and our goal is to lead the popularization of the crypto market, eliminating the complexity that is still associated with it and expanding information on the subject, so that everyone can appropriate this technology," says Bruno Gregory, executive responsible for PicPay's Crypto and Web3 business unit.

In a note, PicPay states that the brokerage will be gradually made available to users. Currently, the payment institution already has more than 30 million active customers.

Trading can be done from R$ 1 and everything will take place within the PicPay application.

The company will also offer information about the crypto market during the broker's user experience. In other words, there will be educational content for customers who do not have any knowledge about cryptocurrencies.

The company explains that users will be able to access cards with content to clarify doubts about the new product, how trading works, what risks are involved, among other points.

The product is operated in partnership with Paxos, a leading regulated blockchain infrastructure company that will act as a broker and custody provider. Paxos is regulated by the New York Department of Financial Services and is also the issuer of USDP, the US dollar-equivalent stablecoin that will be available on the app.

PicPay's Next Steps

Later this year, users will be able to pay and receive using cryptocurrencies in the PicPay app, as well as make crypto transfers.

In addition to its new brokerage, PicPay intends to launch its own stablecoin later in 2022.

The digital currency will be backed by the Brazilian real, with one-to-one parity, and will allow PicPay to be used as a payment method worldwide, anywhere that accepts crypto wallets.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.
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