SAO PAULO, Jan 21 (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
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)