The Central Bank of Brazil has authorised the payments company CloudWalk as a payments institution in the country.
CloudWalk is claimed to be the first crypto company to have such status in Brazil, reported CoinDesk.
The licence will enable the crypto firm to provide credit cards to users as well as payment accounts to businesses.
The authorisation will also enable the company to connect directly with the Brazilian government’s payment system called Pix, which has 126 million users.
In December last year, CloudWalk launched a stablecoin, which is integrated into the Brazilian real, dubbed the Brazilian digital real (BRCL).
BRCL is presently operating on a proprietary blockchain platform, according to the company.
The stablecoin already serves as cash back for transactions carried out on CloudWalk’s point-of-sale platform known as Infinite Pay.
CloudWalk partner and commercial director Pablo de Mello was quoted by the news publication as saying: “With this license, we show that we are a reputable company, and we have the freedom to act as virtual currency issuers to make financial transactions of our stablecoin in our wallets.”
CloudWalk garnered $150m in Series C funding round in November. The company was then at a $2.15 billion post-money valuation. CloudWalk is said to hold 300000 businesses as clients across more than 5,000 cities in the country.