Top-tier Brazilian payment application PicPay is establishing its crypto presence with the Paxos integration to roll out (BTC) and Ether (ETH) buying features. 

Specifically, an official announcement regarding the development was issued on August 10th, revealing that PicPay customers will have the ability to buy, sell and store two major cryptocurrencies, BTC or ETH, directly on its app. 

PicPay disclosed that its the real use cases provided by the selected digital assets, including security and different other perks were the driving force for its initiative. 

“Blockchain technology, which is behind coins like Bitcoin and Ethereum, is already used in the real estate sector, the insurance industry and even the art market, through non-fungible tokens.”

The freshly rolled out crypto functionality will be facilitated via an alliance with the high-profile crypto firm Paxos, enabling clients to use Paxos-issued United States dollar-backed stablecoin USDP. 

Assuming the role of a broker and custodian, Paxos is known for its cooperation with a few of the most major traditional financial entities globally, nominally PayPal and Venmo.

The integration will be the pioneering initiative for PicPay to open up its 30 million customers to digital assets, offering them knowledge regarding the way individuals are able to take advantage of the potential of the growing asset class. 

The Brazilian fintech app is spending resources on a feature to allow their clients to pay with crypto as well.

“PicPay is one of the most disruptive players in payments in Brazil, and our goal is to lead the growth of the crypto market,” PicPay’s head of crypto Bruno Gregory remarked. 

One of the top issues that came with crypto adoption is ruling out its complexity via widening the scope of data regarding the tech, so that everyone can take advantage of the new asset class, he added.