PicPay announces cryptocurrency exchange and stablecoin for 2023

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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.

1:1 BRC stablecoin to Brasilian real?

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.

Brazil is a strategic corner for crypto companies

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.

What are the advantages of investing in crypto currencies?

  • Cryptocurrencies have high risk and potential for gains. All cryptocurrencies in today’s market experience unpredictable rises and falls in value. In practice, their price basically depends on the supply of assets from “miners” and the demand from buyers. Thanks to this particular dynamism of supply and demand, the gains generated by crypto currencies are particularly high.
  • Cryptocurrencies are backed by highly secure blockchain technology. Each transaction carried out on the blockchain is unique and without appeal. This technology is stored in a decentralized way on several computers, in order to avoid any risk of outside hacking.
  • Cryptocurrencies make it possible to develop a more transparent financial system and above all without intermediaries. Transactions are visible to all users, regardless of the country where they are located.
  • Crypto currencies are available 24 hours a day. It is not necessary to wait for the opening of the banks, the NASQAD or even the NYSE to start buying, selling or exchanging crypto currencies. It’s a reliable and secure way to build extra income outside of traditional business hours.
  • Cryptocurrencies are a possible solution to counter inflation. They are not tied to a single currency or a single economy. Their price depends more on international demand than on national inflation. Capping the number of assets allows you to control the amount of virtual currencies available at any time. There is no risk of virtual  inflation.