Brazilian financial services provider Dock plans to use cryptocurrencies to process international remittances, according to a Reuters report on Friday (Jan 21).
The company also plans to expand to Latin America and Europe. According to the report, Brazilian reals will be converted into bitcoin and then into another currency. From there, the funds will reach end users through Dock clients, such as Vivo or Natura.
"It will be a quick and cheap way to make remittances," Frederico Amaral, Dock's head of products and technology, told Reuters in an interview.
Created in 2014, Dock was known as Conductor until last year. In December, Dock also got approval from Brazil's central bank to buy rival Brasil Prรฉ-pagos (BPP), which came with a financial institution license.
Reuters writes that international transfers have become an important aspect for FinTechs such as Remessa Online and Wise, which can sell services at better prices than the 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 expand Dock's regional reach, furthering its mission to position itself as the leading FinTech provider in Latin America. Cacao will now also be called Dock.
โThe two companies share significant values โโand a core mission to enable their clients to democratize, through technology, access to the financial system for millions of unbanked and underbanked people in Latin America,โ said Antonio Soares, CEO of Dock.
Cacao was founded in 2017 and has so far launched more than four million cards on its credit card and card management platforms.
Dock is the only Brazilian company that offers card issuance. With the acquisition of Cacao, it now has procurement and banking-as-a-service capabilities on a single platform.
