Dock, a Brazilian financial services company, announced on Friday that it will begin processing international transfers using cryptocurrencies as it grows into Latin America and Europe.
Brazilian reais will be translated to bitcoin and then to another currency, such as the dollar, before being delivered to end consumers via Dock customers like Vivo (VIVT3.SA) and Natura&CO (NTCO3.SA).
Dock’s head of products and technology, Frederico Amaral, said, “It will be both a speedy and cheap way of making remittances.”
Fintechs like Remessa Online and Wise, who may sell services at a lower cost than conventional banks, have been eyeing international transfers as a lucrative sector.
Dock was renamed Conductor last year after being acquired by the North American venture capital firm Riverwood Capital in 2014. The Brazilian Central Bank approved Dock’s purchase of rival Brasil Pré-pagos (BPP), which came with a financial institution license, in December.
Fintechs like Remessa Online and Wise, who may sell services at a lower cost than conventional banks, have been eyeing international transfers as a lucrative sector.
Dock was renamed Conductor last year after being acquired by the North American venture capital firm Riverwood Capital in 2014.
The Brazilian Central Bank approved Dock’s purchase of rival Brasil Pré-pagos (BPP), which came with a financial institution license, in December.
According to Amaral, a U.S. listing is a natural option for the company, but there is no rush because the company still has a portion of the $170 million it received from Temasek, Viking Global, and Sunley House, a unit of Advent International, at the end of 2020.
