Brazilian payment app PicPay has enabled Bitcoin and Ether purchases in collaboration with PayPal’s crypto partner Paxos.
on Wednesday that PicPay clients can now buy, sell and store two major cryptocurrencies, BTC or ETH, directly on its app. PicPay pointed out that its choice was due to the real use cases provided by these digital assets, including security and many other benefits. The firm stated:
“Blockchain technology, which is behind coins like Bitcoin and Ethereum, is already used in the real estate sector, the insurance industry and even the art market, through non-fungible tokens.” The new crypto feature is enabled through a partnership with the major crypto company Paxos and allows customers to use Paxos-issued U.S. dollar-backed stablecoin USDP. Acting as a broker and custodian, Paxos is known for cooperating with some of the world’s biggest traditionalThe integration marks the first move for PicPay to introduce its 30 million customers with digital assets and help them understand how people can benefit from the potential of the growing asset class.
“PicPay is one of the most disruptive players in payments in Brazil, and our goal is to lead the growth of the crypto market,” PicPay’s head of crypto Bruno Gregory said. One of the major challenges associated with crypto adoption is eliminating its complexity by expanding information about the technology so that everyone can take advantage of the new asset class, he added.
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