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PicPay will allow crypto payments to 30 million users

Amidst the cryptocurrency market turmoil, a well-known Brazil-based digital payments platform has decided to dive into the crypto space.

Brazillian fintech PicPay is developing a strategy that will open the doors to Bitcoin trading for more than 30 million users. According to a report by the NeoFeed news agency, the platform is working on launching a new cryptocurrency exchange, its stablecoin, and other products as part of new expansion efforts into the crypto world.

“PicPay will enter this world with a lot of force,” PicPay co-founder and vice president Anderson Chamon told the news outlet exclusively. ” It will not be an accessory product and a very important line of business.”

PicPay expands into cryptocurrencies.

The first plan within these efforts is to launch a cryptocurrency exchange that will offer customers of the app services to buy, sell and store digital assets. Initially, the platform will provide support for trading Bitcoin, Ethereum, and USDP, the Paxos stablecoin pegged to the US dollar.

According to local reports, the new exchange is expected to go live in August, which will open Bitcoin trading to more than 30 million Brazillian customers. While the trading listing will be limited at launch, the goal is for the listing to expand to over 100 cryptocurrencies by the end of 2022.

According to its co-founder, payments with digital assets could also be integrated into PIX, the payment system created by the Central Bank of Brazil. In conversation with the media above, Chamon explained that a user could make a PIX payment using cryptocurrencies without needing the owner.