PicPay to launch its own stablecoin BRC and a crypto exchange platform

Brazilian digital payments company PicPay has announced the launch of a stablecoin to a fully-featured crypto exchange platform.
Brazilian digital payments company PicPay has announced the launch of a stablecoin to a fully-featured crypto exchange platform.

Brazilian digital payments company PicPay has announced the launch of a stablecoin to a fully-featured crypto exchange platform.

With over 6.9 million registered users, the startup is diving deep into the crypto ocean and announced a series of Web3-focused services. According to the strategy shared with the Portuguese media platform NeoFeed, the company will start with the development of exchange for crypto trading and the creation of its own stablecoin. It also plans to dive into the NFTs and metaverse universe, with the development of a marketplace for users and the intention to become a tokenizer. 

The company has unveiled the development of new crypto and Web3 business unit that focuses on developing financial services and solutions to bridge the crypto ecosystem and traditional finance. The co-founder and vice president of products and technology at PicPay, Anderson Chamon, stated:

“Picpay will enter this world very strongly. It will not be an accessory product; it will be a very important line of business.”

PicPay to launch its exchange in August

The exchange should be ready for the launch in a month, according to the report. The users will be able to buy, store, and sell crypto tokens within PicPay. During the launch time, only Bitcoin, Ethereum, and USDP will be available, but the company aims to list over 100 coins by the end of 2022.

Moreover, the company intends to launch a stablecoin pegged 1:1 to the price of Brazil’s official fiat currency, BRC (Brazilian Real Coin). The decentralized token will have the capability of being utilized in third-party wallets. 

PicPay focuses on offering payment services that work with usernames and supports invoice payments services and gift card purchases as well. However, the company realizes the potential of cryptocurrencies and that the fiat world is no longer enough. 

Brazil is becoming a favorite place for crypto businesses aiming to consolidate in Latin America, and more crypto-focused services are becoming available in the region. As TheCoinRise reported, Brazil is aiming to bring the “Bitcoin Law” soon to make the country more regulatory woke. Interestingly, the Brazil Stock Exchange B3 revealed its plans to enter the crypto world last year, as we reported.