Brazilian financial app PicPay with 30 million users wants to break into crypto

Amid the crypto market turmoil, Brazil’s most popular financial app announces a salvo of industry commitments. The fintech not only supports payments through cryptocurrencies, but also plans to create its own exchange, launch a stablecoin backed by local real and then venture into NFTs and Web3

PicPay is strongly committed to cryptography

Brazilian fintech app PicPay believes in the future of crypto and Web3. In support of its belief, it will launch a whole range of products for its users. In the words of co-founder Anderson Chamond, relayed by the NeoFeed site, “PicPay will enter this world very strongly. It will not be a by-product, it will be a very important sector of activity”.

The first step of this pro crypto strategy, the fintech will be internal exchange platform to enable its 63 million subscribers, including 30 million active users, to trade cryptocurrencies. Starting next month, the company will offer the option to buy and sell bitcoinether and USDPone of two stablecoins issued by Pax Dollar, with the goal of offering about 100 cryptos for trading by the end of the year.

Second, the app plans to launch a stablecoin backed by the Brazilian real, the Brasilian Real Coin (BRC)For everyone accessible.

You do not need to be a PicPay user to use this stablecoin. You can come to Brazil as a tourist, take PayPal or any other digital wallet, buy BRC on an exchange and use it in the Brazilian market.

Anderson Chamond, co-founder and vice president of PicPay, quoted in NeoFeed

The logical order is:‘integrate cryptocurrency payments into the app’

PicPay will enter the crypto market to lead its popularity not only as an investment, but also as a way to decentralize payments and other financial services.

Anderson Chamond, co-founder and vice president of PicPay, in corporate blogging

Finally, the fintech also plans to establish a unit dedicated to NFTs and Web3 in the more distant future. In its effort to popularize access to these new universes, PicPay will make all educational materials integrated directly into the app available to its users.

A suitable time to enter the crypto market?

With its standout power, the app could get a lot of Brazilians into crypto, even if the timing is questionable. But for PicPay it’s just the right one timing† For her, during the latest bull cycle, the nature of the market has changed from a phase of speculation (as in 2017) to a phase of real use, allowing for a real assessment of the value of the technology and guaranteeing its future. Without underestimating the hurdles to overcome in the midst of a crypto winter that is turning investors away, optimism remains in order.

In 12 months, we think 3 million users will be using cryptocurrencies within PicPay.

Anderson Chamond, co-founder and vice president of PicPay, quoted in NeoFeed

A projection backed by a rather crypto-friendly local regulatory framework and major players, Nubank and BTG Pactual, who have already registered Bitcoin and others in the financial landscape of South America’s leading economy. Fact, PicPay can’t really stay away from a movement that is gaining momentum in response to people’s real demand† An interest that has not gone unnoticed by the giants of the sector who want to invest in the field and shine in all of Latin America – almost 665 million inhabitants, fifth in the world for the adoption of cryptocurrencies and consistently between 8% and 10 % of its global business – from its stronghold.

Coinbase has tried, so far to no avail. Binance, on the other hand, lays its foundations there. In addition to opening an office in Rio de Janeiro, the CZ exchange has acquired the Brazilian brokerage firm Simpaul Investimento. In such a context, PicPay’s offensive in this sector takes on its full significance.

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