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PicPay, a dynamic FinTech company based in Brazil, is on a mission to redefine financial transactions while expanding its horizons as a digital bank. With a robust user base of over 62.9 million registered users, around 30 million quarterly active users, and about 20 million users holding balances in their accounts as of 2021, the impact and reach of its initiatives are substantial.
Embracing innovation across various domains, including blockchain technology, PicPay sought to develop a solution for seamless transfers with a digital asset that is stable and has similar properties as national currencies.
PicPay engaged with AxLabs to create a stablecoin solution fully backed by the Brazilian Real currency. It would be used to facilitate customer’s payments and transfers. The project was called “Brazilian Real Coin” (BRC).
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Ethereum Solidity
Introduction
AxLabs, together with the PicPay team, meticulously delineated the project scope, defined use cases, assessed technical viability, and drafted an architecture and a potential product roadmap. The collaborative efforts culminated in deliverables like the BRC Whitepaper and a pitch deck presentation, setting a solid foundation for the innovative stablecoin venture.
Challenges
Defining the scope among several options: Navigating the myriad of considerations between fiat-backed versus asset-backed models to determine the most viable approach for BRC.
Evaluating technical feasibility: Assessing the technical intricacies and potential hurdles in integrating a stablecoin within PicPay's existing ecosystem was a challenging task.
Risk assessment: Identifying and evaluating the risks associated with the execution phase to ensure a well-prepared roadmap.
Centralized versus decentralized: The team faced challenges in architecting the initial version of BRC to launch as a centralized solution, under the sole authority of PicPay, while ensuring a seamless transition pathway to a decentralized framework over time.
Business Impact
Strategic roadmap: AxLabs' expertise facilitated a well-structured roadmap that gave decision-makers of the PicPay team a clear path to realize its stablecoin vision.
Whitepaper impact: The whitepaper, born out of collaborative efforts between AxLabs and PicPay, served as a pivotal document that not only outlined the technical and operational framework of the stablecoin but also significantly bolstered stakeholder confidence and understanding regarding the project's potential and long-term viability.
Education: AxLabs provided essential training and education to the PicPay team on the technical aspects of blockchain and the key components required for the development of a stablecoin.
Holistic technical perspective: AxLabs delivered a holistic technical view, guiding the PicPay team on the long-term trajectory of this stablecoin project (e.g., dependencies, building blocks of the project, technical risks, etc).
