The Brazilian financial app PicPay with 30 million users wants to break into crypto

Amid the turmoil in the crypto market, Brazil’s most popular financial app announces a salvo of industry commitments. Fintech will not only support payment via cryptocurrencies, but also plans to create its own exchange, launching a stablecoin supported by local real and then venture into the realm of NFTs and Web3.

PicPay is strongly committed to crypto

The Brazilian fintech app PicPay believes in the future of crypto and Web3. In support of its belief, it will launch a whole range of products to its users. In the words of co-founder Anderson Chamond, shared by the NeoFeed site, “PicPay will enter this world very strongly. It will not be an aid product, it will be a very important activity sector”.

The first step in this pro-crypto strategy, fintech will launch its internal exchange platform to enable its 63 million subscribers, including 30 million active users, to trade cryptocurrencies. From next month, the company will offer the opportunity to buy and sell bitcoin, eats and USDPone of two stack coins issued by Pax Dollar, with the goal of offering around 100 cryptocurrencies for trading before the end of the year.

Second, the app intends to launch a stablecoin supported by the Brazilian real, the Brazilian real currency (BRC)available to everyone.

You do not have to be a PicPay user to use this stack coin. You can be a tourist coming to Brazil, take PayPal or another digital wallet, buy BRC on a stock exchange and use it in the Brazilian market.

Anderson Chamond, co-founder and vice president of PicPay, quoted in NeoFeed

The logical order will be‘integrate cryptocurrency payments into the app.

PicPay will enter the crypto market to pursue its popularization not only as an investment but also as a way of decentralizing payments and other financial services.

Anderson Chamond, co-founder and vice president of PicPay, in the company’s blog

Finally, in the long term, fintech also plans to create a device dedicated to NFTs and Web3. In its desire to popularize access to these new universes, PicPay will make all teaching materials directly integrated into the app available to its users.

An appropriate time to enter the crypto market?

With its striking power, the app can get many Brazilians to crypto, even if the timing is questionable. But for PicPay, this is just the thing timing. For her, the nature of the market has changed over the last bull cycle, moving from a phase of speculation (as in 2017) to a phase of real use that makes it possible to truly assess the value of the technology and guarantee its future. Without underestimating the obstacles to be overcome in the midst of a crypto winter that repels investors, optimism remains in order.

In 12 months, we believe that 3 million users will be using cryptocurrencies in PicPay.

Anderson Chamond, co-founder and vice president of PicPay, quoted in NeoFeed

A projection supported by a rather crypto-friendly local set of rules and major players, Nubank and BTG Pactual, which have already registered Bitcoin and others in the financial landscape of South America’s leading economy. Fact, PicPay can not really stay away from a movement that is gaining momentum in response to real demand from the people. An interest that has not gone unnoticed by the sector’s giants, who want to invest in the field and shine throughout Latin America – almost 665 million inhabitants, ranking in fifth place in the world for the adoption of cryptocurrencies and consistently catches between 8% and 10% of its global business – from its stronghold.

Coinbase has tried it, with no luck so far. Binance, on the other hand, lays its foundation there. In addition to opening an office in Rio de Janeiro, the CZ Stock Exchange has acquired the Brazilian brokerage firm Simpaul Investimento. In such a context, PicPay’s offensive in this sector takes on its full significance.

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