The company will offer users of its digital wallet, 99Pay, commission-free buying and selling of the largest cryptocurrency by market capitalization.

99Pay, the digital wallet of Brazilian ride-hailing company 99, will enable the purchase and sale of bitcoin on its platform, the company announced on Tuesday.

Users of 99Pay will be able to execute commission-free transactions with a minimum purchase amount of 10 Brazilian reais and a maximum of 10,000 reais – equivalent to 1,800 U.S. dollars – starting Nov. 3.

99Pay, part of the Chinese vehicle-for-hire company DiDi, said that the platform will deliver bitcoin cashback promotions as well.

The initiative comes amid rapidly increasing interest in cryptocurrency among Brazilians and demand for crypto services. According to data published by the country’s Central Bank (BCB) in October, Brazilians have already acquired $4.27 billion so far in 2021. On the legislative front, Brazil’s congress plans to discuss a bill that would regulate companies operating in the cryptocurrency sector.

Brazil’s 99 is a ride-hailing, food delivery and financial services company founded in 2012. It was acquired by DiDi Chuxing, the Chinese equivalent of Uber, in a $1 billion transaction in 2018. The 99Pay platform has 20 million active users, according to the company.

99 launched its digital wallet in July 2020 within its app. The company launched a 99Pay’s stand-alone app last week.

Users will not be able to use bitcoins to pay for trips on 99, since crypto will first have to be switched to fiat, 99Pay’s Director, Maurício Orsolini Filho, told CoinDesk.

Orsolini Filho added that the company implemented the bitcoin trading feature following research conducted at the company’s request that showed potentially strong demand for the service. According to the data, 81% of Brazilian digital banks’ users already know or have heard of cryptocurrencies, while another 54% do not invest in digital assets but have shown interest in entering that market.

In 2020, DiDi told CoinDesk it was forming a task force to design and run a trial of China’s central bank digital currency (CBDC) on its transportation platform.

All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bank of America bullish comments on metaverse push Axie Infinity and Sandbox closer to breakout

Bank of America's strategist made bullish remarks about the metaverse, triggering a spike in interest in Axie Infinity and Sandbox tokens. The rices of the two metaverse tokens continue climbing with increased interest from investors. 

More Axie Infinity News

Polkadot price ready to breakout after DOT forms double bottom

Polkadot price began turning around and moving higher on November 28. It is currently resting on support after a brief pull-back, with the potential for using this floor as a launchpad higher. A resumption of the bullish impulse will provide fresh confirmation for the new uptrend.

More Polkadot News

Bitcoin Weekly Forecast: The bull and the bear case for BTC

Bitcoin price saw a recent bullish impulse that faced massive headwinds before it tagged a crucial psychological barrier. With directional bias and choppy price action, BTC is likely to experience massive volatility as the situation resolves over time. 

More Bitcoin News

Berkshire Hathaway’s Charlie Munger wants US to ban cryptos like China

Charlie Munger considers cryptocurrencies bad for people and backs China on its cryptocurrency ban.In his previous interviews, Munger has shed light on the concept of “speculative excess” and “asymmetry of wealth.” 

More Cryptocurrencies News

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

BTC

ETH

XRP