Users will be able to trade Bitcoin, Ethereum and USDP, the regulated dollar-backed stablecoin from Paxos
São Paulo, Brazil, August 10, 2022 – PicPay, the leading payment app in Brazil, now allows its users to buy, sell and hold cryptocurrencies, in its first foray into crypto and Web3 market. Today, PicPay launches its cryptocurrency exchange service, which will enable the trading with Bitcoin and Ethereum, the two main digital currencies in the world, as well as with USDP, the regulated US dollar-backed stablecoin from Paxos.
With such innovation, PicPay now begins its journey aiming to demystify cryptocurrencies and bring them into people’s daily lives through a simple, informative and safe experience.
“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, technology”, states Bruno Gregory, executive responsible for PicPay’s Crypto and Web3 business unit.
The exchange will gradually be made available to PicPay users, which now amount to more than 30 million active customers. Trading starts from R$ 1 and the entire experience takes place within the app.
Also, PicPay will offer information on the crypto market in the exchange experience. Users will be able to access cards with educational content that clarify what cryptocurrencies actually are, how trading takes place, the risks involved, among other crucial aspects. This will empower customers to make good decisions.
The product is operated in partnership with Paxos, a leading regulated blockchain infrastructure company that will manage the trading and custody of the digital assets. Paxos is regulated by the New York Department of Financial Services. Paxos is also the issuer of USDP, the regulated US dollar stablecoin that will be available in the app.
“We’re excited to partner with PicPay to offer millions of Brazilians access to crypto markets and the Paxos regulated digital dollar USDP. 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,” said Mike Coscetta, Paxos Head of Revenue.
Later this year, users will be able to pay using cryptocurrencies in the PicPay app, and will be able to complete crypto transfers.
In addition to its cryptocurrency exchange, PicPay will launch its own stablecoin also in 2022. The digital currency will be backed by Brazilian Real, with one-to-one parity, and will allow PicPay to be available as a payment method worldwide, anywhere that accepts crypto.
These initiatives will make the crypto market and Web3 transformative and will create new business opportunities and possibilities of use, especially in financial services and payments. “It is the next revolution in this market”, says Gregory.