Brazilian digital payments app PicPay has confirmed its ambitions to expand into cryptocurrency.
The company is planning to add a stablecoin that will be pegged to the value of the Brazilian real. This comes in the wake of one of the biggest market crashes in the industry occasioned by a stablecoin, TerraUSD.
The exchange will launch with access to Bitcoin, Ether and the USDP stablecoin by Paxos as confirmed by a company statement.
“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 PicPay vice president of technology and products Anderson Chamon.
So far as payment companies in Brazil go, PicPay is one of the biggest. The firm was originally founded in 2012 and it has 65 million registered users. At least 30 million of those are active, making it one of the best and most prominent companies out there.
PicPay believes that the cryptocurrency market in Brazil is “very large” and as such, there needs to be more solutions that are developed locally and want to advance the local market rather than seeking to make a quick buck.
PicPay is very optimistic about the future, arguing that the current slowdown in the cryptocurrency market would not mar its long-term prospects of success.