The 65 million users of the Brazil-based cryptocurrency trading platform PicPay will soon be able to buy a stablecoin that is pegged to the Brazilian real, the nation’s official currency. The fintech company’s exchange is its initial cryptocurrency-related offering.
Users will be able to purchase, sell, and hold Bitcoin ($BTC), Ethereum ($ETH), and Paxos’ $USDP stablecoin on PicPay’s digital asset market. Anderson Chamon, PicPay’s vice president of technology and products, issued a statement.
The user who wants to know where to buy cryptocurrencies will be able to do everything through the app, with a very simple, practical, and safe experience.
The firm wants to enter the cryptocurrency market to “lead its popularization not only as an investment, but also as a way to decentralize payments and other financial services.” It is also trying to integrate bitcoin payments into the Brazilian economy.
Users of PicPay will have access to Brazilian Real Coin ($BRC), a stablecoin being developed by the company, as well as instructional resources for advancing their knowledge of cryptocurrencies in the app.
Its value will be the same as the real one. According to the release, the stablecoin might still be available this year. Uncertainty exists around users’ ability to use the site to withdraw cryptocurrency to external wallets. Back in April, the company reported reaching 65 million users, up from 50 million at the end of 2021 and 38.8 million in 2020.
With this step, PicPay joins Nubank, a Brazilian digital bank funded by Warren Buffett, CEO of Berkshire Hathaway. Nubank previously stated in May that it was investing 1% of its assets in Bitcoin ($BTC) and was adding purchasing and selling options for its users.
The move coincides with the so-called Coinbase Premium index becoming positive for the second time since April of this year, following a resurgence in the cryptocurrency market that briefly saw the space’s market capitalization break the $1 trillion thresholds.
The price difference between the BTC/USD trading pair on Coinbase and the BTC/USDT trading pair on Binance is represented by the Coinbase Premium Index. A rising buying pressure on the exchange is indicated by a rising premium.
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