The BRZ is now available on the FTX exchange on Solana’s blockchain, making transactions with the Brazilian cryptocurrency on this platform faster and, above all, cheaper. Thus, holders of this crypto asset can transfer their funds at close to zero cost and virtually instantaneously between exchanges from FTX.
The difference between transfer costs is quite significant. For instance, a BRZ transaction using the ERC-20 token (Ethereum) can cost up to R$ 50 in times of heavy congestion. “It’s as if previously the BRZ could be transferred by DOC ( credit order document), which has a high cost, and can now be transferred by PIX, with a cost close to zero”, says the CFO of Transfero, Carlos Russo.
With this integration, the BRZ can be transferred to other exchanges that also work with Solana, such as Blockfolio and 3RZ. In the future, more exchanges where the BRZ is listed will also start working with the token in the Solana version. The Brazilian cryptocurrency is listed on several exchanges in Brazil and around the world.
Solana integration at FTX paves the way to bring BRZ to more platforms
BRZ available on more exchanges in the Solana version also paves the way for bringing crypto asset to lending platforms, where it will be possible to leave bitcoin as collateral and borrow BRZ or earn passive income with the cryptocurrency. Platforms like these that work without intermediaries have spread throughout the cryptocurrency universe, and many have adopted Solana.
In the future, BRZ is also planned to integrate with credit card networks, in which users can spend their resources in any business premises that accepts a card. NovaDAX, for example, already has a card on which you can debit the balances in BRZ.
BRZ will facilitate overseas payments using cryptoassets
Finally, having BRZ on Solana on more exchanges, it will be easier to access applications that run on Solana and receive resources in cryptocurrency. One of them is Maps.me, a travel and hotel booking platform that accepts deposits on Solana’s network. “In this context, in the future, the BRZ can facilitate payments abroad using cryptocurrencies, becoming less dependent on the Ethereum network”, Russo points out.
Solana is a highly functional open source project that uses blockchain technology to provide decentralized financial solutions (DeFi). Officially launched in March 2020 by the Solana Foundation, based in Geneva, Switzerland, the project simplifies the creation of decentralized applications. FTX is one of the largest exchanges globally, offering dozens of spot pairs and perpetual cryptoassets, and crypto derivatives.