Users can buy and sell Bitcoin (BTC) and Tether (USDT) using a Brazilian Real pegged stablecoin Brazilian Digital Token (BRZ)
Paxful, a peer-to-peer cryptocurrency marketplace, announced a strategic partnership with Transfero Swiss AG, the largest digital asset management firm in Latin America and the owner of Brazilian Digital Token (BRZ), a stablecoin pegged to Brazilian Real. BRZ’s price is maintained by market experts and shown to be a lot less volatile than Bitcoin. As of August 2020, 35 million BRZ tokens have already been issued.
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The token is built on top of the Ethereum blockchain. It gives Brazilians an alternative to hedge their savings to crypto and shield their assets from local currency devaluation. It also gives them access to international crypto platforms with the potential to increase investments in the global market.
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“At Paxful, we strive to provide financial freedom to all corners of the world and we admire that Transfero is doing the same. Brazil is a rapidly growing market for crypto and will benefit greatly from this partnership,” said Ray Youssef, CEO, and co-founder of Paxful.
Brazil is the fifth largest country in crypto ownership, presenting a vast field of opportunities in the crypto scene. As the government does not interfere in the regulation of digital currencies, the main cryptocurrency firms in Brazil have officially agreed to self-regulate in order to tackle crypto crime and protect its users. The move will help boost the adoption of digital money in the country, which is already soaring. Top industry players in the region are expecting Brazil’s crypto market to rise to $100 billion by the end of 2020 making it the biggest cryptocurrency market in Latin America.
