Brazilian fintech app PicPay will launch an in-app cryptocurrency exchange that will allow its over 65 million users to trade bitcoin and other cryptocurrencies as its first crypto product offering, according to a company blog post.
“Our first novelty in the cryptocurrency market will be an exchange, which is a broker for those who want to invest in cryptocurrencies at PicPay,” said Anderson Chamon, VP of technology and products of PicPay. “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.”
In addition to launching an exchange where users may buy, trade, and hold bitcoin, PicPay aims to integrate cryptocurrency payments into the economy.
“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 Anderson Chamon, VP of technology and products.
PicPay customers will have access to educational content in the app to help them learn more about the sector. As Brazil’s largest payment app, this project has the potential to bring on board millions to bitcoin. Still, PicPay recognises that there may be some challenges along the way.
“There is still a lot of complexity in the crypto world, and our role is to make it as easy as using money for everyone,” explained Chamon.
It is unclear if users will be able to withdraw their bitcoin.
PicPay stated in April that it had reached the 65 million user mark with its money service provider app, which functions similarly to PayPal or Cash App while also providing a financial marketplace for its users as well as social network features such as private messaging. In 2020, the application hosted 38.8 million users, which rose to 50 million at the end of 2021.