PicPay Set to Launch Crypto Payments and Real Stablecoin on its Platform

Brazilian fintech company, PicPay has launched new crypto and Web3.0 unit on its platform. 

This move models other targeted entries by top outfits and will permit payments to be made with Bitcoin (BTC) and other cryptocurrencies. With this move, the firm gets to list token pairs featuring the Real which is Brazil’s currency on top crypto exchanges and also enter into the world of non-fungible tokens (NFTs).

PicPay is a digital wallet application that records more than 30 million users that actively make use of its platform. Currently, users can transfer funds, pay bills, store loyalties, and discount coupons. Introducing crypto will make a drastic difference for the app and the users.

Anderson Chamon, co-founder and Executive Director at PicPay said that the company is entering the crypto ecosystem strongly. According to him, the new array of products will be accessories but a major line of business.

PicPay Unveils Product Release Process

The new product line includes the inauguration of a crypto exchange for investing digital assets. Next is the design and development of a stablecoin which is tied to the Brazilian legal tender. 

Also, the fintech firm is making its novel entry into NFTs and wishes to be a tokenizer. A marketplace will be provided for users to acquire and claim ownership of certain digital artworks which would be virtual representations of real-life assets.

All of these products will gradually be released in sets. Firstly, the crypto exchange gets launched in about a month. Users can buy coins and hold them in their PicPay wallets. Majorly, BTC, Ethereum (ETH), and a dollar-backed stablecoin, USDP is the only digital assets that will be available for now. PicPay intends to list a minimum of 100 coins before the next five months.

After the launch of the crypto exchange, the stablecoin BRC will be introduced. Not only will it be listed on the intending PicPay exchange, but the goal is also to get it listed in top world cryptocurrency exchanges. Users do not need to own a PicPay account to buy the coin. It can be bought through other recognized wallets and used in the Brazilian market.

Chamon boasted of the fact that PicPay will be the first firm to initiate an idea such as this. In his words, “there is no such thing as a robust real-backed stablecoin and PicPay will be the big sponsor of that.”