Brazilian Fintech PicPay to Launch a Stablecoin And a Cryptocurrency Exchange

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

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

PicPay Goes 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 and 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 then, the company plans to keep adding tokens reaching 100 coins before the end of the year.

In addition, PicPay announced its intention 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 money to pay bills, buy things, and transfer funds, with PicPay acting as an immediate immediately guaranteeing that merchants are able to receive fiat money in their accounts as if the transaction had been 100% in Brazilian reals.

PicPay will also launch a service linked to NFTs and the metaverse, but didn’t provide much details about it.

Brazil is The Place To Be

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

Binance recently bought the broker Sim;Paul in order to boost its regulatory strength and offer fiat to crypto services in the country. Likewise, Crypto.com chose Brazil as the first Latin American country to receive support for its cashback cryptocurrency-backed cards.

Leaving the giants aside, Brazilians have seen several companies established in the industry. 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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