Brazilian fintech PicPay brought the buzz to the crypto world this week by announcing that they will not only implement their own exchange but the company will also launch a stablecoin pegged to Brazil’s official currency (Real), to be called Brazilian Real Coin (BRC).
The announcement was made in the blog Neofeed where PicPay’s co-founder, Anderson Chamon, shared more details about this new phase the fintech is going to embark on.
According to Chamon, the idea is, to begin with, the exchange around next month, supporting the trade and hold of Bitcoin (BTC), Ethereum (ETH), and stablecoin Pax Dollar (USDP). Later on, the aim is to support more than 100 cryptocurrencies around the end of the year.
“PicPay is getting into this world strong. It won’t be an accessory product, it will be a very important business line”, said Chamon to Neofeed. This business line already has its own unity inside PicPay in the new ‘Crypto and Web3’ department.
The Neofeed blog also highlights that PicPay will charge a fee for small transactions and in big volumes it’ll charge percentages, varying from R$0,39 to R$1,2 per transaction.
After the launch of the exchange, PicPay will direct its energies to launch the stablecoin that will be pegged with Brazilian’s Real, the BRC.
“It’ll be a 1:1 parity”, Chamon stated. “It has the characteristics of a decentralized coin that allows the user to send it from side to side, creating the disintermediation of banks, credit cards’ flags, and acquisitions”.
By the end of the year, all cryptos supported by PicPay will be available for any kind of payment in Brazil through their app.
Another interesting aspect is that not only Brazilians will be able to use it, but also foreigners that eventually come to the country and wish to trade this stablecoin in the Brazilian market.
“It won’t be mandatory to be a PicPay user in order to use that stablecoin. You can be a tourist coming to Brazil, open PayPal or any other digital wallet, buy BRC in exchange and use it in the Brazilian market”, confirms Chamon.
PicPay wishes to target crypto audiences for the next months, including plans for an NFT Marketplace as well.