The Algorand protocol is the third blockchain to enter into a partnership with BRZ, increasing the possibilities of use cases for Brazilian cryptocurrency backed by the Real (BRL).
Transfero (issuer of stablecoin BRZ) announces that stablecoin in reais created by the company is officially available on Algorand, a world-class blockchain that allows for fast, secure and efficient financial transactions. In this way Algorand becomes the third blockchain, in addition to Solana E Ethereum, to enter into a partnership with the Brazilian cryptocurrency, increasing the possibilities of use cases in a growing range of financial and payment applications.
The integration of BRZ into a third blockchain aims to cope with the growing demand for stablecoins in public blockchains worldwide. This requires a fully scalable blockchain infrastructure to support more transactions.
In that sense, Algorand allows the expansion of the currency offer to millions of users, without incurring significant costs for them.
“We are very happy with this expansion of BRZ because we are preparing the way for the cryptocurrency to be able to meet the demand of this growing market”
Celebrates Transfero's CEO, Thiago Cesar.
BRZ (Brazilian Digital Token) is the main stablecoin backed by real and, since its launch in 2019, it has already become the most traded Brazilian stablecoin in the country. Transfero's cryptocurrency is available on more and more platforms, and it shows an advantage for the exchanges that list it. In this way, it is possible to move balances between international platforms in seconds using blockchain technology, in addition to being one of the most sophisticated hedge instruments for digital assets. Currently, BRZ has reached 204 million tokens in circulation.
Transfero Swiss is an international financial solutions company based on blockchain technology, headquartered in Crypto Valley, Zug, Switzerland, and Rio de Janeiro.
Algorand is fast, secure and public blockchain
Algorand Inc. developed the first open source, public and pure proof-of-stake blockchain protocol (Pure PoS), aimed at the new generation of financial products. This blockchain, the Algorand protocol, was designed by Turing Prize winner Silvio Micali.
The company is dedicated to eliminating the friction of financial transactions, driving the evolution of DeFi, allowing the creation and exchange of values, building new financial tools and services, bringing on-chain assets and providing responsible privacy models.
The Brazilian Digital Token will be traded through the ASA
For those who do not yet know more about the Algorand Protocol technology, it is necessary to understand that Algorand has the ASA (Algorand Standard Asset), translating into Portuguese, it would be the Algorand Standard Asset, which is the way in which any asset can be represented and traded by Algorand's infrastructure, as already happens with USDT (Tether) and USD Coin (Circle). In addition, it is also possible to provide traditional microactions from Tesla, Amazon, Netflix, Twitter, Google, Apple, Microsoft, all through the broker Mese.io, and store them in the Algorand wallet (Algorand Wallet).
What are ASAs (Algorand Standard Assets)?
Algorand Standard Assets (ASA - Algorand Standard Asset) provide a standardized mechanism, in Layer 1 (1st layer), to represent all types of assets on Algorand's blockchain, including fungible and non-fungible, restricted fungible and non-restricted fungible assets.
In today's economy, there are still many challenges regarding digitizing assets. Some of them are:
Access to global digital markets
24x7 Transferability
Instant discharge
Ease and implementability of asset controls
Management efficiency, such as compliance and accountability
ASAs provide optional and flexible asset controls for issuers and business managers, compliance and regulation. In addition, unlike other networks, the Algorand infrastructure offers more protection to the user, for example it protects against asset spam to prevent unknown assets that may have reputation, tariff or legal problems from being sent to users without their explicit approval (the users need to approve the entry of new assets into the portfolio).
