Digital assets are on course to revolutionize the consumer payments landscape by making financial markets global, accessible, instantaneous and available 24/7. The promise of this asset class and technology is significant, but the shift to a tokenized economy will not take place overnight. Industry participants must take incremental steps to make digital assets ubiquitous for consumers.
Paxos is building the financial infrastructure of the future – think of this as the roads and highways – that companies will rely upon to get digital assets into their apps and offerings for the benefit of their customers. In doing so, we have the ability to accelerate adoption because as more companies make digital assets available to their customers, the blockchain network becomes stronger, bigger and more useful at scale. That’s the road to consumer payments eventually becoming fully blockchain-based.
This month, Paxos and PicPay – a leading Brazilian payments app – partnered to bring digital assets to PicPay’s 30 million active users. PicPay users can now buy, sell and hold Bitcoin, Ethereum and USDP, (Paxos’ fully regulated US dollar-backed stablecoin).
PicPay’s Head of Crypto Bruno Gregory shared, “PicPay is one of the most disruptive players in payments in Brazil and our goal is to lead the growth of the crypto market, by eliminating the complexity that is still associated with it and expanding information on the technology, so that everyone can take advantage of this asset class and technology.”
This is a first step for PicPay to expose consumers to digital assets and help them understand how they can benefit from the potential within this growing asset class. PicPay is also working on a feature that will allow their customers to make payments with crypto – an enticing new offering.
By powering this experience, Paxos is creating another highway for millions of people to safely access digital assets. And by offering the USDP stablecoin, PicPay users can now easily get the safest digital dollar available. PicPay is renowned for its innovative payments solutions, ensuring this partnership will make it easier for Brazilians to use digital assets safely in their daily lives, and this may just bring us all closer to a future of financial markets that work for everyone.