Feb 11, 2021
By: Transfero Swiss
The protocol is the third blockchain that BRZ is integrated with, increasing the possibilities of use cases of the Brazilian cryptocurrency
Transfero announces that BRZ - the Brazilian Real-backed stablecoin created by the company - is officially available on Algorand, a world-class blockchain powering secure and efficient frictionless exchange. With that, Algorand becomes the third blockchain that the Brazilian cryptocurrency is integrated with, helping to expand the use cases for BRZ across a broad range of payments and financial applications.
As evidenced by the recent and rapid growth and usage of stablecoins on public chains, there is a tremendous need for blockchain infrastructure to scale to support significantly higher transaction throughput and lower fees significantly. In that sense, Algorand allows that growth with lower costs for users. “We are very pleased with this expansion of BRZ because we are paving the way for the cryptocurrency to be able to meet the demand of this growing market”, celebrates Transfero’s CEO, Thiago Cesar.
BRZ is the leading Brazilian Real-backed stablecoin and, since its launch in 2019, has become the most traded stablecoin representing a Latin American fiat-currency. Transfero’s cryptocurrency is available on several platforms and acts as a seamless bridge between international markets and Brazil. With BRZ, it is possible to move balances between global platforms in seconds using blockchain technology. It also is one of the most sophisticated hedge instruments for digital assets. Currently, BRZ has reached 204 million tokens in circulation.
Transfero Swiss is a global financial blockchain technology-based company headquartered in the Crypto Valley, in Zug, Switzerland, and Rio de Janeiro. The company’s primary mission is to facilitate and promote access to digital assets. The company is the BRZ Token issuer, the first Brazilian Real-backed stablecoin, and a protagonist in buying and selling cryptocurrencies for large volume transactions.
Algorand Inc. built the world’s first open source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products. This blockchain, the Algorand protocol, is the brainchild of Turing Award-winning cryptographer Silvio Micali. A technology company dedicated to removing friction from financial exchange, Algorand Inc. is powering the DeFi evolution by enabling the creation and exchange of value, building new financial tools and services, bringing assets on-chain and providing responsible privacy models. For more information, visit www.algorand.com.