PicPay collaborates with cryptocurrency exchange Paxos
- on Aug 12, 2022
Brazilian payment app PicPay is shifting to cryptocurrencies by integrating a cryptocurrency exchange that provides services related to Bitcoin (BTC) and Ether (ETH), according to Cointelegraph.
As reported by Cointelegraph, PicPay has officially announced that customers are allowed to buy, sell and store two cryptocurrencies, which are BTC and ETH, directly on its app. The platform noted that its choice was due to the real-world use cases users get from digital assets, which includes security and other benefits. Through a partnership with Paxos, a cryptocurrency company, PicPay will enable this facility and allow customers to use the Paxos-backed USDP stablecoin. Paxos offers the features of acting as a broker and as a custodian, the company is known to cooperate with the traditional financial companies of the world like PayPal and Venmo.
Based on information provided by Cointelegraph, this collaboration will mark the first step for PicPay to introduce its 30 million customers to digital assets and help them understand the benefits of the potential of a growing asset class. The Brazilian financial technology (fintech) app is working on a feature that allows customers to also pay with cryptocurrencies. One of the biggest challenges associated with cryptocurrency is seen as eliminating complexity by expanding information about the technology so that everyone can benefit from the new asset class.
Cointelegraph mentioned that cryptocurrency adoption in Brazil has recently taken off, with major local cryptocurrency companies such as Mercado Bitcoin expanding. Local lawmakers have been working to introduce crypto-friendly regulations, launching a bill to legalize cryptocurrency payments in June 2022.
According to the official Cointelegraph website, it is a digital media resource covering news on blockchain technology, cryptocurrency assets and emerging trends in financial technology (fintech). Their team believes in delivering up-to-date news from the decentralized and centralized worlds.
(With information from Cointelegraph)
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