payment giant Visa revealed a new blockchain and central bank digital currency (cbdc) in the project Brazil,
According to Brazilian media outlets livecoinsThe firm was selected by Brazil’s central bank to “explore” on blockchain technology-powered “use cases” for a prototype digital real.
the bank expects launching its coin later this year,
It has also been claimed that the coin’s devise has been designed with a view to helping local businesses.
Visa’s offering was created in partnership with AgroToken, Microsoft and Synckia.
Firms Solutions is a financial platform designed for small and medium-sized enterprises (SMEs).
Visa said the solution would be of particular interest to small-scale farmers and agricultural firms.
The platform includes an interoperability solution, a Visa innovation called the Universal Payment Channel (UPC).
The firm claims that using UPCs, merchants and companies can make connections between “Brazilian CBDCs” and “other CBDCs, stablecoins, or token deposits”.
This, the four firms claimed, would allow agriculture industry players to access the digital real “across different markets and networks”.
And the firms said the platform would help “expand the financing options available to SMEs so that they can get their businesses funded safely and frictionlessly.”
“It will also reduce the inconvenience caused by lack of access to traditional services,” he added.
Visa’s blockchain-powered CBDC project – will it launch in Brazil?
Catherine Gu, Global Head of CBDC at Visa, Gives Example of “Enablement” [Brazilian] Soybean producers to create and auction – globally – a contract that is tokenized on a permissioned version of the Ethereum blockchain, using various interoperable forms of money.
The platform, its developers claim, brings existing financial processes and assets onto the blockchain protocol.
He says the move will “allow farmers to mark up traditional contracts.”
To do this, Visa said it used AgroToken’s “agricultural commodity token expertise.”
Visa claimed that by doing so it would be able to replace existing Brazilian legal documents with “onchain, tradable non-fungible tokens (FTOs)”.nft,
The payments company said it has developed an on-chain “sealed-bid auction solution”.
Visa said the solution uses smart contract technology.
This, Visa claimed, will allow a pool of global blockchain investors to “participate in the funding process” for SME financing.
