Brazilian payment processing giant announces bitcoin support

Bitcoin • August 31, 2019, 3:23PM EDT
UPDATED: August 31, 2019, 3:47PM EDT
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Cielo, a Brazilian payments giant, is looking to unleash cryptocurrencies onto the nation of over 200 million people. 

According to a report by CoinTelegraph Brazil, Cielo announced its support for bitcoin and other cryptocurrency purchases via its 1.4 million point-of-sale devices. Customers will now have the ability to make bitcoin purchases through Cielo's point-of-sale devices by creating an account with its network partners, Uzzo or Criptohub. The PoS devices generate a QR code which the customer can scan using the partner app.

Later this year, customers could be able to make cryptocurrency purchases with the Cielo Pay app, according to CoinTelegraph Brazil's report. 

Brazil has become a hot spot for bitcoin. O Globo reports that the country's bitcoin investors have possibly surpassed the number of individuals registered on the Sao Paulo Stock Exchange. In February, the country's largest investment bank announced it would raise $15 million via a token raise. 

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Frank Chaparro profile picture Frank Chaparro

Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].

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