BRZ, the first and greatest Brazilian Real backed stablecoin, is now available to buy, sell and trade on VirgoX digital asset trading platform starting from this Wednesday (June, 10).
VirgoX is a one-stop stablecoin focused digital asset trading platform, which is inspired by global adoptions of stablecoins and growing demands for integrated exchange services.
“Brazil has the largest number of crypto holders in South America and the crypto adoption has grown rapidly. As the fifth-largest digital asset in Brazil, the BRZ token proves its value of being a liquid and easy to use stablecoin favoured by many local Brazilian users. VirgoX will provide Brazilian users to trade BRZ against other stable coins or digital assets all in one place. Having BRZ joining VirgoX further consolidates its position as a world stablecoin trading center.”, said Adam Cai, CEO of VirgoX
The Brazilian Tax Authority (Receita Federal) reported that over USD 100 Million was traded in BRZ, from August 2019 till March 2020, consolidating the token as the dominant stablecoin in Latin America. BRZ can now be found on several major international exchanges and is progressing to e-wallets and prepaid debit cards. The listing at VirgoX will further reinforce BRZ as a solid international instrument that represents a bridge to the Brazilian market.
“We are so excited to bring BRZ onto VirgoX. We truly believe VirgoX positioning and so happy to be a part of it. The BRZ stablecoin is becoming the main instrument for Brazilians who operate on international platforms and also for foreigners willing to access crypto-markets in Brazil. Furthermore, BRZ can be used as a hedging instrument for the Brazilian Real, but in a much more sophisticated way.”, said Thiago Cesar, CEO of Transfero Swiss AG
Stablecoins are starting to gain widespread traction across the cryptocurrency ecosystem for the past two years. Moreover, that traction has been incredibly fast recently. According to Cryptoslate, the total market capitalization of stablecoins surpassed 10 billion dollars for the first time ever in May. Additionally, the Ethereum (ETH) blockchain network recently experienced its most active period in the past 10 months due to a substantial increase in the issuance of new stablecoins.
VirgoX and BRZ strongly believe that stablecoins would have a promising outlook, not only can digitize the global financial market but also bring positive effects in global remittance and cross-border payment such as decreasing costs and increasing processing speed.
BRZ and VirgoX will progress jointly
VirgoX will accelerate the establishment of a world stablecoin trading center by launching a series of well-designed stablecoins such as BRZ. With its complete ecosystem ranging from spot & contract trading, financial product, lending, global payments & remittance, traders can experience a full-functioning stablecoin trading platform. VirgoX will launch more innovative products, such as stablecoins empowered FX pairs, meeting the present needs of users and anticipating future demands.
