Digital Assets: Brazilian Fintech PicPay Launches Crypto Exchange With Paxos

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30 million users at PicPay will be able to trade Bitcoin, Ethereum and USDP, the regulated dollar-backed stablecoin, from the app starting R$ 1.

PicPay, the well-known Brazilian payment app, has got its shoe in the crypto door in partnership with Paxos, a leading regulated blockchain infrastructure company. Picpay is opening crypto trading services for its over 30 million customers and Paxos will manage the trading and custody of the digital assets. To be opened up gradually, the crypto service will initially cover bitcoin, ethereum and USDP, the regulated dollar-backed stablecoin from Paxos. (Paxos)

Users will also offer an education service on cryptos via access cards with the objective of demystifying cryptocurrencies and make their trading a simple and safe experience.

“PicPay is one of the most disruptive players in payments in Brazil and 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, technology”, states Bruno Gregory, executive responsible for PicPay’s Crypto and Web3 business unit.

“We’re excited to partner with PicPay to offer millions of Brazilians access to crypto markets and the Paxos regulated digital dollar USDP,” said Mike Coscetta, Paxos Head of Revenue.

It is envisaged that later during the year, users will also be allowed to make both crypto payments and transfers from within the app.

This year will also see the launch of PicPay’s own stablecoin will be backed by Brazilian Real, with one-to-one parity, and will allow PicPay to be available as a payment method worldwide, anywhere that accepts crypto.

Related Story: Social Isolation Measures Help Brazilian Digital Wallet PicPay Amass 20M Customers

Image credit: Picpay (Glassdoor)

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