The nearly 65 million users of PicPay, the biggest digital payment app in Brazil, will soon be able to buy bitcoin on the app. Whether users will be able to withdraw the bitcoin remains unknown. PicPay aims to make it possible to use bitcoin for payment rather than merely as an investment.
What did the Company Say On the Occasion?
According to a company blog post, Brazilian fintech app PicPay will introduce an in-app cryptocurrency exchange that will let it’s over 65 million customers trade bitcoin and other cryptocurrencies.
As per Anderson Chamon, vice president of technology and products at PicPay, “our first innovation in the cryptocurrency industry will be an exchange, a broker for individuals who wish to trade in cryptocurrencies at PicPay. The user can accomplish anything through the app, with a straightforward, practical, and safe experience.”
PicPay aims to incorporate cryptocurrency payments into the economy and provide an exchange that lets users purchase, sell, and hold bitcoin.
According to Anderson Chamon, vice president of technology and products, “PicPay will enter the cryptocurrency market to drive its rising popularity not only as an investment but also as a tool to decentralize transactions and other financial services.”
Users of PicPay will have access to the app’s educational resources to increase their understanding of the industry. This effort can potentially introduce millions of people to bitcoin because it is the biggest payment app in Brazil. PicPay is aware that there may be difficulties along the way, though.
“The crypto world is still incredibly difficult, and our job is to make it as simple as using the money for everyone,” said Chamon.
Whether users will be able to collect their bitcoin remains unknown.
With its money service provider app, PicPay, which works similarly to PayPal or Cash App while also offering a financial marketplace for its customers and social network features like private chat, announced in April that it had reached the milestone of 65 million members. The application had 38.8 million users in 2020; by the end of 2021, that number had increased to 50 million.
State of Crypto in Brazil
Recently we have seen the ‘pro-crypto’ stance of Brazil. Right from its members of Congress asserting the benefit of Bitcoin for their country to their plan to launch bills to legalize bitcoin. Brazil is marching on the path to becoming a crypto economy soon.