Brazil’s largest payment app launches bitcoin and ether exchange
RIO DE JANEIRO, BRAZIL – Brazil’s payment platform PicPay announced the launch of an exchange that will allow its users to buy and sell bitcoin (BTC), ether (ETH), Ethereum’s native cryptocurrency, and the stablecoin Pax Dollar (USDP).
Thus, the company, which operates similarly to PayPal, expands its business within digital assets after becoming the largest payment app in Brazil, with 65 million users.
“Our first novelty in the cryptocurrency market will be an exchange for those who want to invest in cryptocurrencies on PicPay. Users who want to know where to buy cryptocurrencies will be able to do it all through the app, with a very simple, practical, and secure experience,” explained Anderson Chamon, vice president of technology and products at PicPay.
He said that PicPay would also allow its users to make payments for any service with bitcoin to decentralize payments and other financial services.
The company intends to make processes simple for users. “There is still a lot of complexity in the world of cryptocurrencies, and our role is to make it as easy as using money for everyone,” Chamon commented.
PICPAY WILL HAVE ITS OWN CRYPTOCURRENCY
Another initiative the Brazilian platform has for this year is to launch its own stablecoin backed by the Real (BRL), Brazil’s official currency, the Brazilian Real Coin (BRC).
“The user will be able to pay and receive cryptocurrencies, make cryptocurrency transfers and store them in PicPay. In addition, with this novelty, it will be possible to use PicPay in payments worldwide,” added the executive and co-founder of the company.
PicPay’s foray into the cryptocurrency sector will likely help further increase the volume of bitcoin transactions in Brazil.
CryptoNews reported that in Brazil, there was a significant increase in bitcoin transactions last May, estimated to be over 50% over the previous month.
Statistics indicate that Brazilians mobilized around 33,673.53 bitcoins through exchanges between May 1 and 31. The amount mobilized represents a little more than US$1 billion.
With information from Criptonoticias
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| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| BTC | 80,543 | +0.67% | -29.41% | 80,007 | 80,550 | 79,380 | 21,816,416,256 |
| ETH | 2,348 | +1.18% | -43.00% | 2,320 | 2,349 | 2,295 | 8,316,267,520 |
| SOL | 100.98 | +0.22% | -49.19% | 100.75 | 101.04 | 99.17 | 2,110,777,984 |
| XRP | 1.32 | +1.04% | -49.89% | 1.31 | 1.32 | 1.29 | 1,574,615,552 |
| BNB | 750.98 | +1.29% | -34.10% | 741.42 | 751.10 | 733.56 | 1,470,316,160 |
| ADA | 0.21 | -0.30% | -69.21% | 0.21 | 0.21 | 0.20 | 190,120,672 |
| DOGE | 0.08 | +0.78% | -60.98% | 0.08 | 0.08 | 0.08 | 441,746,112 |
| AVAX | 8.84 | -1.36% | -56.54% | 8.96 | 8.96 | 8.67 | 289,961,824 |
| LINK | 11.47 | +0.80% | -37.04% | 11.38 | 11.47 | 11.23 | 248,509,440 |
| DOT | 0.99 | -2.05% | -68.52% | 1.01 | 1.01 | 0.98 | 109,918,912 |
| LTC | 56.59 | -0.13% | -43.06% | 56.66 | 56.87 | 55.70 | 169,852,160 |
| BCH | 290.36 | +3.57% | -47.81% | 280.36 | 292.52 | 277.47 | 195,939,216 |
| TRX | 0.33 | -0.51% | +9.69% | 0.33 | 0.33 | 0.33 | 371,519,040 |
| XLM | 0.17 | +0.21% | -47.60% | 0.17 | 0.17 | 0.17 | 107,134,680 |
| HBAR | 0.08 | -1.56% | -58.82% | 0.08 | 0.08 | 0.08 | 55,674,584 |
| NEAR | 4.62 | +2.60% | +97.50% | 4.50 | 4.64 | 4.39 | 630,712,192 |
| ATOM | 1.61 | -1.48% | -49.28% | 1.64 | 1.64 | 1.60 | 30,012,314 |
| AAVE | 132.37 | -2.36% | -43.78% | 135.57 | 135.87 | 129.56 | 246,790,448 |
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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