Mercado Bitcoin, a Brazilian exchange, signed a partnership with the Stellar Development Foundation (SDF). The company stated its plans to produce a project chosen for the Central Bank of Brazil’s LIFT Challenge Real Digital. It is producing one of the nine projects chosen.
Denelle Dixon said that Stellar’s network is ready to assist Mercado and the Central Bank of Brazil. The CEO of Stellar Development said it in regards to discovering real use cases for the future of Real Digital.
Mercado Bitcoin, Stellar support Real Digital
The Brazilian Central Bank (Bacen) established the LIFT Challenge Real Digital. It did in collaboration with the National Federation of Central Bank Servers (Fenasbac). SDF will join the consortium formed by Mercado Bitcoin to develop solutions for Real Digital, which also includes CPQD and ClearSale, with the news of Stellar’s integration.
Central Bank of Brazil recruits companies for Real Digital acceleration
In addition to the Mercado consortium, the Central Bank of Brazil chose the DeFi Aave (AAVE) protocol and ConsenSys in collaboration with Visa and Microsoft to develop use cases for the country’s Real Digital.
Furthermore, the president of Brazil’s Central Bank confirmed in April that the country’s sovereign digital currency pilot will begin this year. This release, however, will remain a pilot version and will not be available to the entire country’s population. According to Campos Neto, Real Digital intends to use the CBDC platform to enable smart contracts and decentralized finance.
According to Fábio Araujo, coordinator of the BC’s Real Digital initiative, the Central Bank also seeks to facilitate the building or connectivity of the national financial system with decentralized financing (DeFi) and smart contracts. These, he believes, are the major contributions of the blockchain ecosystem and cryptocurrencies.