PicPay, one of the most important start-ups in Brazil, announces the upcoming release of new products related to Web3 and cryptocurrency. With the development of its new Crypto and Web3 business unit, the company is now focusing on developing services and solutions related to financial services. In 2023, PicPay plans to launch a cryptocurrency exchange, a platform that will basically support stablecoins like Bitcoin, Ethereum, and Paxos USDP. By the end of the year, the company is also planning to add tokens up to 100 coins.
In its project PicPay wants to integrate the metaverse and plans to launch a BRC stablecoin, indexed 1: 1 to the Brasilian real soon. It is a decentralized token that users can store in third-party wallets. Fans of PicPay services can also use these tokens as fiat currency to pay bills, make online purchases and transfer funds. As well, PicPay can also act as a merchant to receive a direct advance from the trustee of money into their account. For example if the users want to carry out a transaction in Brazilian real. In the long term, PicPay plans to launch other services related to NFTs and the Metaverse.
For companies looking to consolidate their presence in the cryptocurrency market in Latin America, Brazil is a significant strategic region. To strengthen its regulatory power and provide fiat currency for cryptocurrency services in Brazil, Binance has chosen to buy the broker Sim.Paul. Brazil is also the first country to accept support for Crypto.com’s cryptocurrency cashback card. These days, Brazil already has several small companies and many start-ups that develop services related to cryptocurrency and prepaid cards: Méliuz, Uzzo, Z.ro and Mercadolibre. In practice, Brazil is one of the few countries with the most cryptocurrency-oriented ETFs and actively managed funds. At the forefront of the companies developing these services are QR Asset Management and Hashdex.