PicPay has launched a crypto exchange in collaboration with Paxos

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PicPay has launched a crypto exchange in collaboration with Paxos

Leading Brazilian payment app PicPay has decided to venture into the world of cryptocurrencies by partnering with crypto exchange Paxos. With this integration, Paxos will make it easier for users to purchase Bitcoin and Ethereum.

PicPay has officially announced via their blog post that the client will be able to buy, sell and also store two major digital assets which are Bitcoin and Ethereum. These transactions will occur directly on the PicPay app.

The reason behind PicPay’s trading service program can be attributed to the actual use cases of crypto that are provided by virtual assets that include security among many other benefits. PicPay said,

Blockchain technology, which is the source of coins like Bitcoin and Ethereum, is already used in the real estate sector, the insurance industry and even the art market, through non-fungible tokens.

The company currently has over 30 million active users who will have access to buying, selling, and storing crypto on the app itself.

PicPay’s goal is to lead the crypto market

This new feature has come about through a partnership with leading digital asset company Paxos. The exchange will allow customers to use the US dollar-backed USDP stablecoin issued by Paxos.

Paxos has been one of the biggest crypto exchanges that has a reputation for partnering with the most renowned traditional financial companies in the world such as PayPal and also Venmo. Currently, this fintech app has dedicated its resources to creating a feature that will also help customers pay via cryptocurrency.

Bruno Gregory, Head of Crypto and Web3 Business Unit at PicPay, said:

PicPay is one of the most disruptive payment players in Brazil and our goal is to lead the growth of the crypto market, removing the complexity still associated with it and expanding technology insights, so that everyone can benefit. asset class, technology.

Upcoming plans regarding Stablecoin and payment functionality

PicPay aims to go beyond just venturing into the world of crypto, as it wants to bring crypto investments to the people of Brazil.

The exchange expects that by the end of this year, users will be able to pay using digital assets through the exchange on the app itself and also make crypto transfers.

Along with these projects, PicPay is also planning to launch its own stablecoin. It is to be backed by the Brazilian Real using a one-to-one peg that will allow the stablecoin to be accessible as a payment method that accepts all digital assets here.

The exchange aims to do this so that consumers can directly trade digital assets without having to exchange the assets for fiat currency first.

Likewise, PicPay’s system will first have to liquidate the cryptocurrency asset for merchants before accepting digital assets. This is to protect traders from high volatility and help them store stable assets.

Once the real-pegged Brazilian stablecoin goes live, it will facilitate payments within the app or through another wallet. This will help tourists the most as they will be allowed to purchase this token on any exchange with the help of PicPay enabled merchants.

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