The crisis that affected FTX and caused a drop of about 40% in its token’s value, FTT, did not affect the BRZ.
This is because, although FTX concentrates a higher volume of the stablecoin, BRZ is also available on other exchanges, such as Crypto.com, Bitget, Phemex, and NovaDAX, as well as the Uniswap (UNI) protocol. In addition, BRZ also transits on the Ethereum, Stellar, Algorand, Binance Smart Chain, RSK Network, Polygon, and Avalanche networks.
According to Thiago Cesar, Transfero’s CEO, the company is trading the BRZ tokens held by FTX to protect the assets of its users. Cesar reaffirmed that Transfero has custody of the assets that guarantee the BRZ, reinforcing its operational strength.
The CEO of Transfero also recalled that the BRZ is the largest stablecoin not pegged to the dollar in the world and that, according to data from the IRS, it is among the five most traded crypto assets by Brazilians in the third quarter of this year.
“The FTX crisis does not impact BRZ because the exchange is one of our many clients. Our operations are independent,” he assured, clarifying that Transfero’s activities remain normal.
Transfero has no exposure to FTX
In a statement sent to its clients, Transfero reinforced its operational strength and that it has no relevant exposure to FTX, as it maintains its custody of digital assets with Fireblocks, the largest and most respected crypto assets custodian in the world.
In addition, Transfero is the issuer of the BRZ token, traded on FTX’s platform, making the exchange a creditor to Transfero.
The company also states that it is working to resolve any temporary technical instabilities on the Transfero Crypto platform, ensuring the security of the services and assets of all the exchange’s clients.