Bitcoin trading added to Brazilian ride-hailing aggregator’s wallet

From November 3, users of the Brazilian ride-hailing service 99’s app will be able to buy and sell Bitcoin. CoinDesk reports.

The 99Pay wallet, released a week earlier as a standalone app, will also enable cryptocurrency transactions ranging from 10 to 10,000 Brazilian reais (~$18-$1,800) with no fees and cashback.

According to 99Pay CEO Mauricio Orsolini Filho, in the initial phase ride payments will be made in fiat after converting the cryptocurrency.

The initiative followed research into potential demand. The study found that 81% of digital bank customers in Brazil already know or have heard of cryptocurrencies, and 54% are interested in investing in this asset class.

Founded in 2012, 99Pay engages in car rental, food delivery and financial services. In 2018 the company was acquired by Chinese rival DiDi Chuxing.

In August, the president of the country’s central bank, Roberto Campos Neto, proposed to create a regulatory framework for the crypto industry.

In March Brazil approved bitcoin-ETF. In July authorities took a similar step regarding an Ethereum-based exchange-traded fund.

Subscribe to ForkLog’s channel on YouTube!