Brazil's PicPay to launch crypto payments and real-pegged stablecoin

Quick Take

  • PicPay, a Brazilian mobile payment app with 30 million active users, plans to start supporting crypto payments.
  • The company also revealed plans to create a cryptocurrency exchange in its app and launch a stablecoin pegged to the Brazilian real. 

Popular Brazilian mobile payment app PicPay announced Monday that it plans to start supporting cryptocurrency payments, as well as launch its own cryptocurrency exchange and a stablecoin pegged to the Brazilian real.

In a company blog post, PicPay said it plans to offer an exchange through the app so that people can buy and store cryptocurrencies. It will initially support bitcoin, ether and Paxos's Pax Dollar (USDP) stablecoin. 

According to Brazilian news website NeoFeed, which first reported the story, PicPay could start offering this exchange component within its app as early as next month. Furthermore, PicPay hopes to support 100 different cryptocurrencies through the app by the end of the year, the report said. 

The firm also plans to launch its own stablecoin pegged to the Brazilian real, which will be called the Brazilian Real Coin (BRC). 

“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," vice president of technology and products Anderson Chamon said in the blog post. 

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