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    Dock will use cryptocurrencies for international remittances

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    International transfers have been an increasingly coveted niche for fintechs like Remessa Online and Wise (Image: Unsplash/artrachen)

    the supplier of infrastructure for financial services Dock will now use cryptocurrencies to expedite and cheapen international remittances of funds involving fiat currencies, expanding the shelf of payment products, while moving towards Latin America e Europe.

    The transactions, which will involve the conversion of reais into bitcoin and then a further conversion into another currency, such as the dollar, will reach end users through Dock customers, including fintechs e Business who created their own financial arms, as Vivo (VIVT3) e Natura & CO (NATU3).

    “It will be both a quick and cheap way of making remittances and also a way to avoid having a large volume of money saved,” Frederico Amaral, head of products and technology at Dock, told Reuters.

    International transfers have been an increasingly coveted niche for fintechs such as Remessa Online and Wise, which use technology and regulatory innovations to sell services more attractive than those offered by large banks.

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    Created in 2014 when it was acquired by the North American venture capital fund Riverwood Capital, the company until last year was called Conductor and was renamed as part of the integration of brands providing digital banking services, issuance and processing of cards and solutions. for acquisition.

    In December, the Dock received the green light from central bank in Brazil for the purchase of rival Brasil Pré-pagos (BPP), which brought with it a financial institution license. This will help resolve a problem.

    It will be both a quick and cheap way to make remittances and also a way to avoid having a lot of money saved (Image: Unsplash/Executium)

    With the rapid expansion of digital transactions during the pandemic, Dock began to intermediate billions of reais per day without being able to operate directly in the financial system.

    “We were having operational and financial problems,” Amaral said. “Today we sleep every day with more than 1.5 billion reais of customers.”

    However, with the advancement of internationalization plans, Dock also bought the Mexican card processor Cacao in December, the company saw in the fast-growing digital assets market a faster and cheaper way to allow remittances of companies and people between markets that today include Chile, Peru, Colombia and are expected to expand to more destinations in Latin America and Europe in 2022.

    By multiplying its geographic reach and having achieved revenue of almost 500 million reais last year — up from about 300 million in 2020, Dock has already reached “enough size” for a listing on the stock exchange, Amaral said, which could be a means of seeking new resources to finance the expansion plan.

    Last July, Reuters published citing sources that Dock hired banks for an initial public offering (IPO) in the United States.

    According to the Dock executive, the listing is a natural path for the company, but there is no rush to do so, given that 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.

    “And there are no plans for new acquisitions in the very short term,” he said, revealing that the company currently has around 2,000 employees.

    According to Amaral, in addition to the emphasis on international remittances via cryptocurrencies, the company will dedicate this year to exploring opportunities within open banking to offer more services to current customers, except loans.

    Source From: Moneytimes

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