Brazilian fintech PicPay to launch stablecoin and cryptocurrency exchange

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Brazilian digital payments startup PicPay is diving deep into the cryptocurrency wormhole, announcing a series of Web3-focused services ranging from the launch of a stablecoin to a full cryptocurrency exchange.

With over 62.9 million registered users, PicPay is one of the most important startups in Brazil. Until today’s announcement, the fintech has focused on offering a payment service that works with usernames (similar to Cashapp). It also supported bill payment services and gift card purchases.

PicPay becomes crypto-friendly

But the fiat world is no longer enough for PicPay. The company unveiled the creation of a new Crypto and Web3 business unit, focused on developing financial services and solutions to bridge the crypto ecosystem with the world of mainstream finance.

First, PicPay announced the launch of a cryptocurrency exchange. The platform is expected to be available next August and will initially support Bitcoin, Ethereum, and the Paxos USDP stablecoin.

From there, the company plans to continue adding tokens reaching 100 coins before the end of the year.

Additionally, PicPay announced plans to launch BRC (Brazilian Real Coin), a stablecoin pegged 1:1 to the price of the country’s official fiat currency, the Real.

BRC will be a decentralized token capable of being used in third-party wallets. However, anyone using PicPay’s services will be able to use their tokens as if they were using fiat currency to pay bills, buy things and transfer funds, with PicPay acting as an immediate up-front guarantee that merchants can receive currency fiduciary on their accounts. as if the transaction had been carried out 100% in Brazilian reals.

PicPay will also launch a service related to NFTs and the Metaverse, but did not provide many details about it.

Brazil is the place to be

Brazil has become a strategic area for cryptocurrency companies looking to consolidate their presence in Latin America, and more and more cryptocurrency-focused services are becoming available in the region.

Binance recently purchased broker Sim;Paul to strengthen its regulatory strength and offer fiat to crypto services in the country. Similarly, Crypto.com has chosen Brazil as the first country in Latin America to receive support for its cryptocurrency-backed cashback cards.

Leaving aside the giants, the Brazilians have seen several companies establish themselves in the sector. Mercadolibre, Méliuz, Uzzo and Z.ro bank are some of the startups that offer support for cryptocurrency transactions and prepaid cards.

And in the world of traditional investments, Brazil is the country with the most ETFs and actively managed funds focused on cryptocurrencies, with Hashdex and QR Asset Management dominating the sector.

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