Interest money

Dock to use crypto in international money transfers

Brazilian financial services provider Dock plans to use cryptocurrencies to process international remittances, according to a Reuters report from Friday, January 21.

The company also plans to expand into Latin America and Europe. According to the report, the Brazilian reais will be converted into bitcoin and then into another currency. From there, funds will reach end users through Dock clients, such as Vivo or Natura.

“It will be both a fast and cheap way to transfer funds,” Frederico Amaral, head of product and technology at Dock, told Reuters in an interview.

Created in 2014, Dock was known as Conductor until last year. In December, Dock also obtained approval from the Brazilian Central Bank to take over rival Brasil Pre-pagos (BPP), which came with a financial institution license.

Reuters writes that international transfers have become an important aspect for FinTechs like Remessa Online and Wise, which can sell services at better prices than big banks.

Additionally, Dock recently purchased Cacao, a Mexican card processing startup. The move was Dock’s first purchase outside of Brazil and its third acquisition overall.

See also: Brazilian FinTech Dock Acquires Mexican Card Processor Cacao

The acquisition helped broaden Dock’s regional reach, furthering its mission to position itself as the leading fintech provider in Latin America. Cacao will now be called Dock.

“Both companies share important values ​​and a core mission to enable their customers to democratize, through technology, access to the financial system for the millions of unbanked and underbanked people in Latin America,” Antonio said. Soares, CEO of Dock.

Cacao was founded in 2017 and has so far launched more than four million cards on its card and credit card management platforms.

Dock is the only Brazilian company offering card issuance. With its acquisition of Cacao, it now has acquiring and banking-as-a-service capabilities in a single platform.



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