A machine company operating in Brazil decided to be the first in the country to offer cashback in cryptocurrencies.
In 2018, some Calvin Klein stores started accepting Bitcoin, with the help of CloudWalk and a Brazilian brokerage, a movement that was one of the first by this company in the national market.
Despite not being known by companies like PagSeguro, Stone, Cielo, Mercado Pago and others, CloudWalk already has a good user base in Brazilian commerce.
Machine company CloudWalk will give cashback on cryptocurrencies in Brazil
In May 2021, CloudWalk, which operates the InifinitePay machines in Brazil, received a contribution of US$ 190 million, raising the largest Serie B contribution in the history of Brazil at the time.
With more cash resources, the company started to target a series of innovations and plans an expansion in the national market. For this, one of the projects is to offer its customers a new approach to the cryptocurrency market, with the option of earning cashback in cryptocurrencies.
This novelty is important to consolidate this machine as the friendliest to the cryptocurrency sector in Brazil, as it will be the first in the sector, even ahead of competitors such as Mercado Pago, which is already studying this method of payment.
According to Pipeline Valor, CloudWalk’s initiative is totally inspired by the Cash App application, created by Square.
This US company, led by Jack Dorsey, who is also CEO of Twitter, was one of the first to create a cryptocurrency division to serve the market and provide more Bitcoin-based payment options.
Cloudwalk also hopes to create more options for its customers who pay with the InfinitePay app.
How will cryptocurrency cashback work?
In a social media post, InfinitePay explained that the cashback in cryptocurrencies by the machine company in Brazil will be in BRLC, a stablecoin created by the company.
This stablecoin works on the Poligon network, and can be stored in wallets like MetaMask. Customers who log into InfinitePay to make payments can already earn this currency pegged to the Real, which will soon be exchanged for Bitcoin, Ethereum, Dogecoin and USDC, within the same application.
“What happens when web3 encounters the traditional payments industry in Brazil? Our way of responding to this: we are now distributing up to 1,000,000.00 in Brazilian digital reais (BRLC, our stable currency) to buyers who pay through the InfinitePay app.”
soon the application it may even have the functionality of DeFi, an innovative tool in the traditional Brazilian payments sector.