Brazil The Central Bank has revealed the firms it will work with for its central bank digital currency.cbdc) pilot – and is included in the list crypto-curious neobank nubank,
according to a official central bank releaseThe bank intends to “evaluate the benefits” of a prototype digital real using a specially developed platform.
Nubank is one of the fastest growing neobanks in the Latin America region, and has achieved unicorn status.
The firm has also been adding a range of crypto-related functions to its app in recent years.
It has also launched its own cryptoasset.
And later Initially weaning crypto firms away from the pilotIt appears that the Central Bank has given permission to many players in this sector to get involved.
Joining Nubank would be like Itau, another large traditional financial services provider with crypto interests.
Itau launched crypto custody services late last year.
And several smaller crypto-only firms have been selected to work on the project, albeit as part of a consortium that also includes larger companies.
This number includes the likes of domestic crypto exchange Foxbit.
FoxBit was incorporated as part of a consortium of firms that also includes investment providers Banco Arbi and Neobank Pinbank.
Joining the same consortium is nTokens, a firm that works with blockchain and stablecoin solutions.
Other big-name firms joining the pilot will be Microsoft, Visa and Santander.
Domestic banking giants like BTG Bank were also included in the list.
What does Brazil’s Central Bank hope to achieve with its CBDC?
The central bank says its platform uses blockchain technology and distributed ledger technology for “operations with tokenized assets.”
The pilot will not yet be involved in real-world testing.
Instead it will use “a simulated environment”, which does not use “transactions or real values”.
The bank wants to see if its coin can “promote greater efficiency, transparency and security in financial operations.”
The bank has previously claimed that its CBDC will be designed in such a way Helps grow home businesses,