Brazilian Fintech Companies To Use Cryptocurrency For International Remittances
The Dock is a Brazilian financial services provider. It will start using cryptocurrency for international remittances from Friday onwards as it expands to Latin America and Europe.
Brazilian reais will be changed into cryptocurrencies, and then that crypto will be converted into another currency like the dollar. Then, at last, it will come to end-users through Dock customers such as Vivo and nature co.
Frederico Amaral, head of products and technology at Dock, said in an interview that “it will be both a quick and cheap way of making remittances “.
International transfers have created jobs for fintech like Remessa Online now, and they can sell services at a lower cost than larger banks.
Dock was created in 2014, and earlier, it was called conductor; it was acquired by Riverwood, a North America venture capital fund.
In December, Dock got approved by Brazilian Central Bank to buy rival Brasil pre pagos (Bpp). Reuters in July reported that Dock had hired banks for initial public offering (IPO) in the U.S.
According to Amaral, US listing is the natural path for the company. The company still has $170, which is approx 1270 crore; therefore, there’s no rush. At the end of 2020, it received from investors like Temasek, Viking Global, and Sunley House, a unit of advent international.
Antonio Soares, CEO of Dock, said,” the two companies share significant value and a core mission to enable their clients to democratize, through technology access to the financial system for the millions of unbanked and underbanked people in Latin America “. (*source:PYMNTS.COM)
Some of the leading fintech companies in Brazil are Ebanx, Nubank, GuiaBolso and PagSeguro.
They are leading companies of Brazil in terms of the number of customers they had; for example, PagSeguro and Nubank are among few startups of Brazil that have been valued at more than one billion U.S. dollars and are being labeled as “unicorn companies “.
Also read: Top Five Fundraiser Fintechs in 2021