1 year ago
Santander, the Spain-based bank, has presented a task to usage tokenization successful tandem with the integer real, the projected Brazilian cryptocurrency, successful bid to facilitate spot transactions. The proposal, portion of the LIFT challenge, would beryllium focused connected simplifying the merchantability of existent property properties and cars for the Brazilian population.
Santander Proposes Tokenization Platform for Assets
Santander, 1 of the largest banking institutions with a beingness each implicit the world, has presented a connection to heighten the usage lawsuit of the projected cardinal slope integer currency (CDBC), the integer real, successful Brazil. Santander is utilizing exertion coming from different company, Parfin, to tokenize the spot rights of the assets successful a transaction, and astatine the aforesaid clip negociate the speech of the currency, successful this case, the integer real, for the property.
The nonsubjective of this task is to streamline the processes of transacting with antithetic kinds of spot done the platform. About this, Jayme Chataque, Executive Superintendent of Open Finance of Santander, stated:
The thought is that, done tokenization, Brazilians tin safely negociate the merchantability of vehicles oregon existent property done astute contracts, connected permissioned blockchain networks.
The connection is portion of the LIFT challenge, a bid of projects selected by the Central Bank of Brazil to find suitable usage cases for the integer real, that is expected to motorboat successful 2024.
More Crypto Projects
Santander is not the lone instauration that is portion of the LIFT challenge, arsenic different 8 projects were selected with the thought of investigating the feasibility of moving respective proposals utilizing the integer existent arsenic a platform.
Other institutions specified arsenic Mercado Bitcoin, a fashionable exchange, are proposing akin solutions this year. Visa bash Brazil is besides participating with a connection to usage a decentralized concern protocol arsenic a mode of offering to concern tiny and mean companies utilizing the integer real. There is adjacent a connection that introduces offline payments utilizing the mentioned CBDC, allowing buyers and sellers to transact with nary internet.
Santander has besides been unfastened to including cryptocurrency services successful its work portfolio. The institution announced successful June it would beryllium opening the doorway for customers to commercialized crypto successful the coming months successful Brazil. In March, Santander informed it was partnering with Agrotoken, an cultivation commodity tokenization company, to unfastened a aviator for offering loans backed by these cultivation tokens successful Argentina.
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What bash you deliberation astir Santander’s integer real-focused plus tokenization and trading project? Tell america successful the comments conception below.
Sergio Goschenko
Sergio is simply a cryptocurrency writer based successful Venezuela. He describes himself arsenic precocious to the game, entering the cryptosphere erstwhile the terms emergence happened during December 2017. Having a machine engineering background, surviving successful Venezuela, and being impacted by the cryptocurrency roar astatine a societal level, helium offers a antithetic constituent of presumption astir crypto occurrence and however it helps the unbanked and underserved.
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