Brazilian Bank PicPay Is Set To Debut A Stablecoin And A Crypto Exchange
- Brazilian fintech bank PicPay will launch a stablecoin
- PicPay is also set to debut a cryptocurrency exchange
Brazilian fintech bank PicPay is all set to launch a stablecoin as well as a crypto exchange as per the statement shared to NeoFeed. Additionally, the firm has created an entire business unit that is focussed on cryptocurrencies and Web 3.0.
PicPay is one of the biggest fintech banks in Brazil and boasts around 30 million customers as well. With the creation of a crypto and web3 unit, the firm is set to release several products and services based on the trading and storage of the decentralized digital world.
As per NeoFeed, the company’s plan ranges ranges from the creation of an exchange for trading crypto assets, the development of its own stablecoin and a dive into the NFTs universe, with a marketplace for users. The goal of the firm is to become a single company that provides every service related to tokenized assets.
“Picpay will enter this world very strongly. It will not be an accessory product, it will be a very important line of business,”
said Anderson Chamon, co-founder and vice president of products and technology at PicPay.
The PicPay journey
The journey will start in a month with PicPay launching the crypto exchange where users will be able to buy cryptocurrencies and store them within in the fintech bank. Initially, the trading and storage will begin with the two of the biggest cryptocurrencies in the market, Bitcoin (BTC) and Ethereum (ETH) followed by USDP, a stablecoin. However, by the end of the year, the Brazilian fintech bank will expand the trading upto 100 coins.
The second step in the journey will be the launch of a Brazilian real-backed stablecoin. Chamon added in his statement that currently, there is no real-backed stablecoin in the market and hence, the fintech bank will become the first firm to actually launch a stablecoin pegged in a 1:1 ratio with the Brazilian real.
“You will not need to be a PicPay user to use this stablecoin. You can be a tourist coming to Brazil, take Paypal or another digital wallet, buy BRC on an exchange and use it in the Brazilian market,”
said Chamon.
The stablecoin will be named Brazilian Real Coin (BRC) and PicPay aims to get it listed on all the major exchanges around the world. The firm also aims to allow customers to use crypto assets to pay at a bakery or a coffee shop and use them in their daily life by the end of the year.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
