Cryptocurrencies can now be used for international money transfers on the Brazilian Fintech Dock
Brazilian financial services provider Dock said on Friday that it will begin using the cryptocurrency to process international money transfers as it expands into Latin America and Europe.
Brazilian reais will be converted to electronic money like Bitcoin then converted into another currency, such as dollars, and will reach end users through Dock clients such as Vivo and Natura & CO. Bitcoin price in India stand at Rs. 29 lakh as of 12 noon IST on 24 Jan.
“It would be a quick and cheap way to transfer money,” Frederico Amaral, head of product and technology at Dock, told Reuters in an interview.
International transfers are increasingly popular with financial technologies such as Remessa Online and Wise, which can sell services for less than major banks.
Founded in 2014 after being acquired by North American venture capital fund Riverwood Capital, Dock was until last year named Conductor.
In December, Dock received approval from the Central Bank of Brazil to buy rival Brasil Pré-pagos (BPP), which carries a financial institution license.
In July, Reuters reported that Dock had hired banks for an initial public offering (IPO) in the United States.
According to Amaral, listing in the US is a natural path for the company, but there is no rush as the company still has a portion of the $170 million (about Rs 1,270) it received by the end of 2020. from investors such as Temasek, Viking Global and Sunley House, a unit of Advent International.
© Thomson Reuters 2022
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