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Brazilian payment processing giant announces bitcoin support

Frank Chaparro

Cielo, a Brazilian payments giant, is looking to unleash cryptocurrencies onto the nation of over 200 million people.

According to a report by CoinTelegraph Brazil, Cielo announced its support for bitcoin and other cryptocurrency purchases via its 1.4 million point-of-sale devices. Customers will now have the ability to make bitcoin purchases through Cielo's point-of-sale devices by creating an account with its network partners, Uzzo or Criptohub. The PoS devices generate a QR code which the customer can scan using the partner app.

Later this year, customers could be able to make cryptocurrency purchases with the Cielo Pay app, according to CoinTelegraph Brazil's report.

Brazil has become a hot spot for bitcoin. O Globo reports that the country's bitcoin investors have possibly surpassed the number of individuals registered on the Sao Paulo Stock Exchange. In February, the country's largest investment bank announced it would raise $15 million via a token raise.