The digital payment solutions offered by Transfero are both for Brazilians who need to do operations abroad and to help foreign companies which want to operate here, explains the company’s CEO, Thiago Cesar. Speaking at CryptoValley Festival 2020, he stated that, through BRZ, Brazilians can make payments abroad in a legal way, circumventing Brazilian restrictions. In addition, the company enables foreign companies in the financial sector to operate safely and legally in Brazil.
According to the executive, with the ban on dollar accounts in Brazil – as well as in other Latin American countries – and restrictions on the movement of capital between countries, there are obstacles for Brazilians to make international payments. Thus, the first exit of many was to use bitcoin for these transactions, but as a consequence the investor is exposed to the digital asset market. With BRZ, it is possible to do these transactions without exposing to the volatility of the digital asset market.
Transfero solutions allow legal operation of foreigners in Brazil
On the other hand, regarding the companies, Transfero’s solutions enable an operation in Brazil within the legality. It works as follows: when closing a partnership with a foreign company, Transfero opens a sub account at a local bank where it already has an account. This sub account remains under the name of Transfero, but becomes exclusive to the international partner.
“With this sub account open, this international partner can receive payments from Brazilians and local transfers”, Cesar explains. He points out that everything is done with the awareness of both the bank and regulators.
Thus, when a Brazilian deposits a value in the sub account, Transfero’s solutions inform the foreign company how much in BRZ that person should receive.
BRZ on debit cards
The executive said that Transfero wants to increase the usability of BRZ. “One of our goals is to have BRZ on two or three large crypto debit cards later this year. We’re almost there, we’re in one”, he says.
In addition, the company works to improve the stablecoin’s transparency. The company will soon disclose, for the first time, its audit of reserves, proving that there is at least 1 real account for each BRZ issued.