Brazilian digital payments app PicPay has announced the formation of its crypto and Web3 business units, focused on developing financial services and solutions. First, PicPay will launch a cryptocurrency trading platform in August, which will initially support BTC, ETH and the U.S. dollar stablecoin USDP, and plans to expand the number of supported cryptocurrencies to 100 by the end of the year.
In addition, PicPay also intends to launch a stablecoin Brazilian Real Coin (BRC) pegged 1:1 to the price of Brazilian Real, which can be used in third-party wallets. PicPay will also launch a service related to NFTs and the Metaverse, but did not provide many details.
It is understood that PicPay has more than 62.9 million registered users and is one of the most famous startups in Brazil, focusing on providing payment services using usernames (similar to Cashapp), and also supports invoice payment services and gift card purchases.
Brazil has become a strategic region for crypto businesses looking to consolidate their operations in Latin America, and the region is offering more and more crypto-centric services.
Among them, Crypto.com selected Brazil as the first Latin American country to receive support for its cashback cryptocurrency-backed credit card. Brazil already has several companies established in this industry. Mercadolibre, Méliuz, Uzzo and Z.ro banks are some of the startups that power cryptocurrency transactions and prepaid cards.
In traditional investing, Brazil has the most ETFs and actively managed crypto-focused funds, with Hashdex and QR Asset Management dominating the sector.