Pitaia Bank is the first digital bank in Brazil running entirely on blockchain technology. The bank intends to operate Bitcoin and fiduciary currencies like the Brazilian Real to costumers and Business.
The financial market in Brazil can only benefit from a banking institution authorized to trade cryptocurrencies. The move could also open doors to more regulation, as well as other banks getting into the cryptocurrency space in the future.
Crypto-Bank invests in payment Platform
Pitaia Bank uses blockchain technology as the foundation of their system. Transactions are faster, safer and up to 88% cheaper than with traditional remittance models currently used by banks in Brazil. Merchants throughout the country can use the banks’ services to receive in crypto for products and services. This way, the bank can target businesses that have never dealt with digital assets before.
Services for Merchants
Pitaia Bank is an online bank without any physical locations anywhere in the country. Nonetheless, the crypto bank offers the same resources that other banks are offering. However, the cost of these operations is much lower than with traditional banks.
And some features are already online, including an Android and iOS application, as well as a debit card and a POS machines. According to CEO Simone Abravanel:
“Today, we launched the first Brazilian Digital BLOCKCHAIN Bank for Bitcoin TRANSACTIONS. Pitaia Bank did take a major step towards the adaption of cryptocurrencies in Brazil,”
Pitaia Bank is also expected to offer direct investments in cryptocurrencies such as Bitcoin (BTC). The machine would be similar to the devices of other companies that are already successful in different countries.