Brazilian fintech Dock will use crypto for international remittances


FILE PHOTO: Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/File Photo

SAO PAULO (Reuters) - Brazilian financial services provider Dock said on Friday it will start using cryptocurrencies to process international remittances as it expands to Latin America and Europe.

Brazilian reais will be converted into bitcoin then into another currency, such as the dollar, and will reach end users through Dock customers such as Vivo and Natura&CO.

"It will be both a quick and cheap way of making remittances," Frederico Amaral, head of products and technology at Dock, told Reuters in an interview.

International transfers have been an increasingly coveted niche for fintechs such as Remessa Online and Wise that can sell services more cheaply than large banks.

Created in 2014 after being acquired by the North American venture capital fund Riverwood Capital, Dock until last year was named Conductor.

Dock in December received approval from the Brazilian Central Bank to buy rival Brasil Pré-pagos (BPP), which brought with it 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, the U.S. listing is a natural path for the company, but there is no rush because the company still has part of the $170 million it received at the end of 2020 from investors such as Temasek, Viking Global and Sunley House, a unit of Advent International.

(Reporting by Aluísio Alves Writing by Carolina Pulice; Editing by Cynthia Osterman)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

   

Next In Tech News

How over the air updates are keeping cars state of the art for longer
Ransomware attacks on US hospitals put patients at risk
Woman claims her avatar was sexually assaulted in the metaverse
App could replace sleeping pills in treatment for insomnia
The spice must flow in Early Access version of ‘Dune: Spice Wars’
Meet Imagen, Google’s new AI that turns text into images
Booking hotels online: Why you can never trust reviews 100%
Dyson shows off robotic arm that can find crisps at back of your sofa
Four years on, is the GDPR a pain or a forerunner in data protection?
Research: Google Chrome only blocking a quarter of phishing websites

Others Also Read