Brazil Cab-Hailing Major ’99’ Adds Bitcoin Purchase Option To Its 99Pay Digital Wallet

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The Brazilian taxi major “99” has now made it possible to sell and buy Bitcoin via its digital wallet app 99Pay. The move announced earlier this week is another step in the direction of increasing acceptance and acceptance of Bitcoin. Bitcoin, the world’s highest rated cryptocurrency, traded at $ 62,953 (about 47 lakh) on Thursday. Lately, the crypto culture in Brazil seems to be picking up the pace. The Brazilians have reportedly earned $ 4.27 billion (roughly Rs 31.985 billion) in cryptocurrencies so far in 2021.

99Pay users will be able to enable commission-free transactions for minimum and maximum Bitcoin purchases from BRL 10 (around Rs. 135) to BRL 10,000 (around Rs. 1.3 lakh).

The 20 million active users of the app also receive Bitcoin cashback, according to the company.

The feature will be operational from Wednesday, November 3rd.

Meanwhile, pro-crypto voices have been getting louder in Brazil lately.

Earlier this month, the four-year-old daughter of the Brazilian crypto exchange founder Joao Canhada achieved a mega profit of over 6,500 percent with her first Bitcoin and stirred the crypto broth in the nation of around 200 million people.

The Brazilian government is also discussing a bill to regulate crypto-powered businesses while looking for a way to increase penalties for crypto-related illegal activities.

The parent company of 99Pay, the ride-hailing major 99, was taken over by the Chinese taxi major DiDi in 2019. So while China has imposed a blanket ban on crypto activities, international subsidiaries of Chinese companies appear to be on board the crypto train.

In the past few days, other reputable consumer brands have also rolled out the Bitcoin trading option in their facilities. American retail giant Walmart recently installed 200 Bitcoin ATMs in select branches across the country. Walmart visitors can insert banknotes into these ATMs to buy bitcoins in the US.

The market valuation of all cryptocurrencies combined has passed a milestone of 2.5 trillion US dollars (approximately 1.87.42.625 billion rupees), according to the cryptocurrency tracker CoinMarketCap. With the whopping rating, the global crypto market has outperformed the most rated companies like Apple and Microsoft in terms of market capitalization.

Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.

Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended as financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not liable for any loss that may arise from an investment based on perceived recommendations, forecasts or other information contained in the article.

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