Bitfy app users will be able to make payments and transactions in a cryptocurrency, the Celo Dollar (or Digital Dollar). In addition to the new currency, the Brazilian startup (which offers the first multipurpose bitcoin wallet in Latin America) also announced an unprecedented partnership with Bitwage, a company that facilitates the payment of salaries to professionals in cryptocurrencies.

According to Bitfy, the partnerships will allow professionals around the world to receive their salaries in Celo Dollars through the Bitfy app, securely storing their cryptocurrencies and using them in more than 1,5 million establishments and digital services via Cielo machines or even in other major players from different market sectors directly in the app.

Last year, Bitfy entered into a partnership with credit card acquirer Cielo to integrate its payment system with the company's card machines. This means that it is now possible to make purchases and pay for them directly with cryptocurrencies using the Bitfy app and your smartphone's camera. The partnership is considered a major step forward for the popularization of cryptocurrencies in Brazil.

According to the company, in addition to Celo Dollar – a currency created by the Celo group based on the Stablecoin model, that is, which follows exactly the same exchange rate as the US currency, so that cUSD 1 is equivalent to US$ 1 (approximately R$ 5,53), Bitfy intends to accept other cryptocurrencies popular among investors in its application in 2021, such as Ethereum (ETH) and Ripple (XRP).

How works

Unlike exchange operators, the Bitfy app works very similarly to other payment apps such as PicPay and PayPal, allowing cryptocurrency transactions without validating payment orders in environments outside the app. To do this, simply transfer the desired amount in Reais to your wallet and choose which currency you want to buy.

Validation takes a few minutes and the balance appears with the conversion to reais. Simply put, if you invest R$200 in Etherum, for example, the value of approximately ETH$0,024 will appear in your wallet and how much that is equivalent to in reais.

So, when making the payment, simply choose which currency you want to use and the transaction will happen naturally. In addition to card machines, Bitfy also informs that it is possible to use Celo Dólar to purchase vouchers for apps like Spotify and iFood, as well as to use them to pay for some restaurant chains and stores in Brazil.

The Bitfy app is available for Android e iOS. However, you need to request an invitation on the company's official website to use the cryptocurrency wallet.

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