Brazil’s Mercado Bitcoin exchange announced a partnership with the Stellar Development Foundation (SDF) to develop a digital real.
The company said it intends to develop one of the nine central bank digital currency projects (CBDC) selected for the competition by Brazil’s Financial and Technological Innovation Lab. The project itself has been approved by the Central Bank of Brazil.
According to the company, Mercado Bitcoin chose the Stellar network because of the speed, efficiency and security of the protocol.
“We are part of a consortium of companies that have the structure and ambition to create robust financial market solutions using blockchain technology. Using the Stellar network will allow us to provide a product for evaluation by the Central Bank,” said Mercado Bitcoin CEO Reynaldo Rabelo.
The Central Bank of Brazil has also selected DeFi-Protocol Aave and ConsenSys, which will work in partnership with Visa and Microsoft to develop options for the use of digital real.