CloudWalk Is First Crypto Firm in Brazil to Become a Licensed Payments Institution

The company, which already has a stablecoin tied to the Brazilian real, was licensed by the central bank of the South American country.

AccessTimeIconNov 3, 2022 at 7:37 p.m. UTC
Updated May 9, 2023 at 4:01 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

This article is adapted from CoinDesk Brasil, a partnership between CoinDesk and InfoMoney, one of Brazil's leading financial news publications. Follow CoinDesk Brasil on Twitter.

Brazilian payments company CloudWalk has become the first crypto firm to be authorized by the Central Bank of Brazil as a payments institution.

  • Existing Stablecoin Models Are Not 'Totally Fair,' Usual CEO Says
    00:52
    Existing Stablecoin Models Are Not 'Totally Fair,' Usual CEO Says
  • How USD0 Plans to Bring More Transparency to the Existing Stablecoin Model
    14:10
    How USD0 Plans to Bring More Transparency to the Existing Stablecoin Model
  • Bitcoin Price Crossed $57K; Is Stablecoin USDC Making a Comeback?
    02:12
    Bitcoin Price Crossed $57K; Is Stablecoin USDC Making a Comeback?
  • Total Supply of USD-Pegged Stablecoins Hit $128B: Glassnode
    00:59
    Total Supply of USD-Pegged Stablecoins Hit $128B: Glassnode
  • The license will allow CloudWalk to offer credit cards to users and provide payment accounts to businesses. In addition, the company will now be the first crypto firm to connect directly with Pix, the Brazilian government's payment system, which has 126 million users.

    In December CloudWalk launched a stablecoin pegged to the Brazilian real, the Brazilian digital real (BRCL), which currently operates on a proprietary blockchain. The stablecoin already serves as cash back for transactions made on CloudWalk’s Infinite Pay – the company's point-of-sale platform.

    “With this license, we show that we are a reputable company, and we have the freedom to act as virtual currency issuers to make financial transactions of our stablecoin in our wallets,” Pablo de Mello, partner and commercial director at CloudWalk, told CoinDesk.

    In November, CloudWalk raised $150 million in a Series C funding round at what was then a $2.15 billion post-money valuation, according to the company. (Post-money valuation is value after outside financing and/or capital injections are added to a company's balance sheet.)

    CloudWalk has 300.000 business as clients across more than 5,000 cities in Brazil.

    This article was translated by Andrés Engler, and edited by CoinDesk. The original Portuguese can be found here.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Paulo Alves

    Paulo Alves is a crypto editor at InfoMoney, a leading financial news publication in Brazil.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.