PicPay Launches Crypto Payments Feature, Crypto Exchange And Its Own Stablecoin

PicPay plans to launch a crypto payments feature, its own crypto exchange and a stablecoin pegged to the Brazilian real. According to Brazilian news site NeoFeed, PicPay could launch the exchange feature on its app as early as next month. It will initially support Bitcoin, Ethereum, and the Paxos Dollar (USDP) stablecoin.

PicPay hopes to support 100 different cryptocurrencies through the app by the end of the year. The firm also plans to launch its own stablecoin pegged to the Brazilian real, which will be called the Brazilian Real Coin (BRC).

VP Technology & Products Anderson CHAMON stated in the blog post:

“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.”

PicPay is not the only fintech company in Brazil using cryptocurrencies. Nubank, a Warren Buffett-backed neobank, announced a deal with Paxos in May to start offering bitcoin and ether trading on its app.

Image: The Crypto Times