PicPay, a Brazil-based payment app, has announced will now allow its users to buy, sell and hold cryptocurrencies, in its first foray into the crypto market. Today, PicPay launches its cryptocurrency exchange service, which initially supports trading of Bitcoin and Ethereum, as well as USDP.
The exchange is operated in partnership with Paxos, a blockchain infrastructure company regulated by the New York Department of Financial Services. Paxos will manage trading and custody of assets for PicPay. Paxos is also the issuer of USDP, a regulated US dollar stablecoin.
Gradually, the exchange will be made available on the PicPay app, which has more than 30M active users. Trading will start from R$ 1 with PicPay also providing users with data and info on the crypto market within the exchange platform.
“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.”
– Bruno Gregory, Head of PicPay’s Crypto and Web3 business unit
Later this year, users will be able to pay using cryptocurrencies in the PicPay app and will be able to complete crypto transfers. In addition to the crypto exchange, PicPay will soon launch its own stablecoin. It is to be backed by the Brazilian real, with one-to-one parity and will allow the PicPay stablecoin to be available as a payment method, anywhere that accepts crypto.
“We’re excited to partner with PicPay to offer millions of Brazilians access to crypto markets and the Paxos regulated digital dollar USDP. PicPay is renowned for its innovative payments solutions, ensuring this partnership will make it easier for Brazilians to use digital assets safely in their daily lives.”
– Mike Coscetta, Paxos Head of Revenue