Stellar Development Foundation continues its expansion in the South American market – the company became a partner of the Mercado Bitcoin crypto exchange in creating the state digital currency of Brazil.
Company informedthat has entered into a partnership agreement with the largest cryptocurrency exchange in Latin America, Mercado Bitcoin. The exchange will work on one of nine projects promoted by the Brazilian Financial and Technological Innovation Lab (LIFT) created to develop the digital currency of the Central Bank.
“It will be a sufficiently functional solution to meet the requirements set by the Central Bank of Brazil, basically providing the best possible product with the least effort,” it said.
The project was supported by the Central Bank of Brazil and the National Federation of Central Bank Server Associations (Fenasbac). Mercado Bitcoin CEO Reinaldo Rabelo hopes that the company will live up to the expectations of the Central Bank of Brazil.
Rabello stated that Mercado Bitcoin intends to create a secure solution using the Stellar blockchain. He believes that this will be enough to meet all the parameters necessary for the assessment and future approval of the Brazilian digital currency by the Central Bank.
“We are part of a consortium of companies that have the structure and the desire to create reliable solutions for the financial market using blockchain technology. Using the Stellar blockchain will allow us to present the product for evaluation by the Central Bank,” he said.
Stellar Development Foundation CEO Denelle Dixon said Stellar is ready to explore different uses for Brazil’s future digital currency. Dixon believes the new partnership will help Mercado Bitcoin develop a solution with the features expected by the central bank.
In March, Stellar Development and MoneyGram International announced a partnership with global “operational investor” Techstars to support Latin American fintech startups.
Source: Bits
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