Brazilian payment application PicPay is shifting to cryptocurrencies by integrating a cryptocurrency exchange which provides services related to Bitcoin (BTC) and Ether (ETH), according to Cointelegraph.
As stated by Cointelegraph, PicPay made the official announcement that clients are allowed to buy, sell and store two cryptocurrencies, which are BTC and ETH, directly on its application. The platform noted that its choice was due to the real use cases that users get from digital assets, which includes security and other benefits. Through a partnership with Paxos, a cryptocurrency company, PicPay will enable this facility and will allow customers to use Paxos-oriented United States Dollar (USD) backed stablecoin USDP. Paxos offers the features of acting as a broker and as a custodian, the company is known for cooperating with world’s traditional financial firms like PayPal and Venmo.
Based on information provided by Cointelegraph, this collaboration will mark the first move for PicPay to introduce to its 30 million customers with digital assets and help them understand the benefits from the potential of a growing asset class. The Brazilian financial technology (fintech) application is working on a feature to allow clients pay with cryptocurrencies as well. One of the biggest challenges associated with cryptocurrency is considered to be the elimination of complexity by expanding information about the technology for everyone to benefit from the new asset class.
Cointelegraph mentioned that cryptocurrency adoption in Brazil has taken off recently, with major local cryptocurrency companies such as Mercado Bitcoin expanding operations. Local lawmmakers have been working to introduce crypto-friendly regulations, through initiation of a bill to legalise cryptocurrency payments in June, 2022.
In accordance with Cointelegraph’s official website, it is a digital media resource covering news on blockchain technology, cryptocurrency assets, and emerging financial technology (fintech) trends. Their team believes in the deliverance of up-to-date news from both the decentralised and centralised worlds.
(With insights from Cointelegraph)