The selling and purchase of Bitcoin are now possible through the Brazilian cab-hailing giant “99”‘s digital wallet software 99Pay. The move, which was revealed earlier this week, is another step toward more Bitcoin usage and acceptance. On Thursday, Bitcoin, the most valuable cryptocurrency in the world, was trading at $62,953 (approximately Rs. 47 lakh). Brazil’s crypto culture appears to be gaining traction recently. So far in 2021, Brazilians have allegedly spent $4.27 billion (approximately Rs. 31,985 crores) on cryptocurrencies.
99Pay users will be able to complete commission-free transactions for Bitcoin purchases ranging from BRL 10 (approximately Rs. 135) to BRL 10,000. (roughly Rs. 1.3 lakh).
According to the firm, the app’s 20 million active users would also receive Bitcoin payback.
Starting November 3rd, the functionality will be available.
Meanwhile, in recent months, pro-crypto voices have become stronger in Brazil.
The four-year-old daughter of Brazilian crypto exchange pioneer Joao Cahada made a massive profit of over 6,500 percent on her first-ever Bitcoin earlier this month, stirring up the crypto-brotherhood blossoming in the country of around 200 million people.
Brazil’s government is also debating a measure to regulate crypto-operating enterprises, as well as ways to strengthen punishments for crypto-related criminal activity.
Ride-hailing giant 99, which owns 99Pay, was bought by Chinese cab company DiDi in 2019. While China has enacted a blanket ban on crypto operations, worldwide subsidiaries of Chinese corporations appear to be on board.
Other well-known consumer firms have also added a Bitcoin trading option to their facilities. Walmart, the world’s largest retailer, recently deployed 200 Bitcoin ATMs at various shop locations around the country.