Brazilian Payment App PicPay Launched Crypto Exchange in Collaboration with Paxos

by Ryan Bubinski
7 ways to make with crypto

Brazilian Payment App PicPay Launched Crypto Exchange in Collaboration with Paxos

PicPay, a Brazilian-based payment and wallet app is now providing crypto services to more than 30 million active users in the country. The company announced that it was planning to roll out this service last month and now allows its customers to buy, hold and sell digital assets from its platform. PicPay will offer these services in partnership with Paxos.

The Brazil-based payment app announced that it now allows users to purchase, sell and hold cryptocurrencies on its platform. PicPay launched its cryptocurrency exchange service, and in its first iteration will be supporting the trading of Ethereum and Bitcoin as well as the dollar-backed stablecoin USDP. The company has said that it plans to list more than 100 cryptocurrencies. The exchange is operated with the help of Paxos, a blockchain infrastructure company and issuer of stablecoin USDP. Paxos is regulated by the New York Department of Financial Services and will manage trading and custody of assets for PicPay.

Paxos is one of the market’s biggest crypto exchanges and has a reputation for partnering with some of the world’s most famous traditional financial firms such as Venmo and PayPal.

Bruno Gregory, head of cryptocurrencies at PicPay said,

Our goal is to lead the growth of the crypto market, by eliminating the complexity that is still associated with it and expanding information on the technology, so that everyone can take advantage of this asset class and technology.

PicPay Looks For Domination in the Market

Wanting to go over and beyond for its user base, PicPay is looking to offer average Brazilians crypto investments. The firm is also looking at a service that will allow crypto users to make payments directly with cryptocurrencies, removing the hassle of having to exchange assets for fiat currency first. In a similar vein, the system will liquidate cryptocurrencies for merchants receiving cryptos thereby protecting them from market volatility and allowing them to store stable assets. PicPay has said that it plans to launch its own Brazilian real-pegged stablecoin.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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