Brazilian fintech app PicPay will launch an in-app cryptocurrency exchange that will allow its more than 65 million users to trade bitcoin and other cryptocurrencies as its first crypto product offering, according to a blog post by the company.
“Our first novelty in the cryptocurrency market will be an exchange, a broker for those looking to invest in cryptocurrencies at PicPay,” said Anderson Chamon, PicPay’s vice president of technology and product. “Want to know where? Users who buy cryptocurrency will be able to do anything through the app with a very simple, functional and secure experience.”
In addition to launching an exchange that allows its users to buy, sell and hold bitcoin, PicPay also seeks to integrate payments using the cryptocurrency into the economy.
“PicPay will enter the crypto market and lead its popularity, not only as an investment, but as a way to decentralize payments and other financial services,” said Anderson Chamon, vice president of technology and products.
PicPay users will have access to educational materials within the app to further their knowledge in the field. As Brazil’s largest payments app, the scheme has the potential to credit millions to bitcoin. Still, PicPay understands that it may hit roadblocks along the way.
“There’s still a lot of complexity in the crypto world, and our role is to make it as easy as using money for everyone,” Chamon explained.
It is unclear whether users will be able to withdraw their bitcoins.
In April, PicPay announced that it had crossed the 65 million user milestone for its money service provider app, which functions like a PayPal or Cash app while also providing its users with financial markets as well as social media aspects such as private messaging. In 2020, the app had 38.8 million users, growing to 50 million by the end of 2021.