BRZ – Brazilian Real (BRL) backed stablecoin – is now running in the Solana blockchain, announced Transfero Swiss AG this thursday (1/28). This blockchain has allowed cheaper and faster transactions. From now on, within the Solana ecosystem, Brazilians have one more option for BRZ transfers at a lower cost.
By having BRZ on the Solana Blockchain, Transfero is aligned with a great project backed by a brilliant team and a group of renowned partners, such as Alameda Research. “It makes perfect sense for BRZ to operate on multiple blockchains, and few projects are as promising as Solana. We want to bring our users the latest innovations in the crypto ecosystem.”, Transfero’s CEO Thiago Cesar, said.
BRZ is the main Brazilian currency stablecoin and, since its launch in 2019, has become the most traded stablecoin representing a Latin American fiat-currency. Transfero’s cryptocurrency is available on several platforms, such as FTX, Bittrex and multiple Brazilian exchanges, and act as a seamless bridge between international markets and Brazil. With BRZ, it is possible to move balances between local and international platforms in seconds through blockchain technology, without relying on local banking infrastructure, besides being one of the most sophisticated hedging instruments for the Brazilian Real. Last year, BRZ reached the mark of 169 million tokens issued.
BRZ at Solana: scalability without sacrificing decentralization and security
Founded by former Qualcomm, Intel and Dropbox engineers in late-2017, Solana is a single-chain, Proof-of-Stake protocol whose focus is on delivering scalability without sacrificing decentralization or security. Solana can currently handle 50,000 TPS with single transaction costs as low as $0.00001.
Core to Solana’s scaling solution is a decentralized clock titled Proof-of-History (PoH), built to solve the problem of time in distributed networks where there is not a single, trusted, source of time. By using Verifiable Delay Functions, PoH allows each node to locally generate timestamps with SHA256 computations. This eliminates the need for the broadcasts of timestamps across the network, improving overall network efficiency.
Transfero Swiss is an international financial solutions company, headquartered in the Crypto Valley, Zug, Switzerland, and having its first office in Rio de Janeiro since 2015. The company’s primary mission is to facilitate and promote access to digital assets in emerging markets, such as Brazil and the rest of LATAM. Transfero is the issuer of the BRZ Token.