Major Brazilian payment application PicPay is moving into cryptocurrencies by integrating a crypto exchange service allowing users to buy Bitcoin (BTC) and Ether (ETH).
The firm officially announced on Wednesday that PicPay clients can now buy, sell and store two major cryptocurrencies, BTC or ETH, directly on its app. PicPay pointed out that its choice was due to the real use cases provided by these digital assets, including security and many other benefits. The firm stated:
“Blockchain technology, which is behind coins like Bitcoin and Ethereum, is already used in the real estate sector, the insurance industry and even the art market, through non-fungible tokens.”
The new crypto feature is enabled through a partnership with the major crypto company Paxos and allows customers to use Paxos-issued United States dollar-backed stablecoin USDP. Acting as a broker and custodian, Paxos is known for cooperating with some of the world’s biggest traditional financial firms like PayPal and...
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