Brazilian fintech app PicPay will launch an in-app cryptocurrency service to trade bitcoin and other cryptocurrencies as its first crypto product offering, as per an official blog post posted on July 11.

“Our first novelty in the cryptocurrency market will be an exchange, which is a broker for those who want to invest in cryptocurrencies at PicPay,” said Anderson Chamon, VP of technology and products of PicPay. “The user who wants to know where to buy cryptocurrencies will be able to do everything through the app, with a very simple, practical, and safe experience.”

The new in-app service will allow its users to purchase, sell and hold bitcoin which will help PicPay to incorporate payments with cryptocurrencies into the economy.

“PicPay will enter the crypto market to lead its popularization not only as an investment but also as a way to decentralize payments and other financial services,” said Anderson Chamon, VP of technology and products.

PicPay users will have access to educational materials in the app to further their knowledge in the area. Being the largest payment app in Brazil, this drive can onboard millions of bitcoin. Though, PicPay predicts that it could encounter obstacles along the way.

“There is still a lot of complexity in the crypto world, and our role is to make it as easy as using the money for everyone,” explained Chamon.

Picpay plans to carry out this update for the following month, however, it is as yet unclear if the company will permit crypto deposits and withdrawals from its platform. More than 65 million users of the app can avail the new services in Brazil.

Joyashree Dey

CBW - External Analyst

INDIA