- The Brazilian payment company, CloudWalk has decided to launch its own blockchain which claims to handle 5,000 transactions per second, thus becoming one of the fastest in the market.
- With this blockchain and its stablecoin, the Brazilian Digital Real (BRLC), users will be able to receive money in up to 2 seconds, when they make transactions.
As it has been developed on more than one occasion, more and more companies are approaching the crypto community. The vast majority do so with small investments that later, depending on the results and acceptance, are increased or reduced. The least are fully involved in the ecosystem and that is what the Brazilian fintech did CloudWalk.
The company that offers payment solutions for small and medium-sized companies in your country launched your own blockchain. This blockchain does not aim to compete with the big ones, but it did set an ambitious goal: handle 5,000 transactions per second, thus becoming one of the fastest on the market.
Brazilian unicorn grows
Seven months ago, CloudWalk announced that it had raised $150 million in an investment round to reach a market capitalization of $2.15 billion. Today he launched one of the most important projects in Latin America.
Currently, the launched blockchain can handle up to 500 transactions per second, which is 70 times more than before when it used the Ethereum and Polygon networks, such as informed the company.
“Blockchain allows money to move at the speed of light. For example, when store owners sell with Visa or Master, it takes up to a day to receive the money. With blockchain and our currency, they can receive the money up to 2 seconds”, assured Luis Silva, founder and CEO of CloudWalk.
Brazilian Digital Real
What currency is Silva talking about? The São Paulo-based company previously launched, in December 2021, its own stablecoin pegged to the value of the Brazilian real called the Brazilian Digital Real (BRLC).
This is used, for example, for cashbacks of transactions made by InfinitePay, ora payment machine that competes with MercadoPago. The goal is to make payment processing faster and cheaper. At the moment, Silva is satisfied and looking forward to the future: more than 130 thousand users use the stablecoin.
“We bring about 50 thousand users per month to this platform… We believe that the blockchain will replace the entire financial system in the future”, highlighted Silva, who gave details on how the company will benefit from having its own blockchain. The Smart Lending platform will be set up in said network, “which includes the storage of money, as well as the authorization and settlement of payment transactions”. “Any developer can enter our blockchain network and create applications. Thus, it is very easy for other companies to develop solutions for our clients“, continued the executive.
Latam, crypto destination
Brazil is, together with Mexico, Argentina and Colombia, the Latin American countries with the highest adoption of cryptocurrencies and CloudWalk has benefited from it. He has also worked for its growth.
According to its own reports, in 2021 it grew more than 240%, reaching more than 500,000 clients in more than 5,000 cities throughout the country. In November 2020 it was present in 150,000 stores, when it currently exceeds 200,000. The future could continue to deliver important news.
“The company’s mission is to create a global payment network. We aspire to become the first solution in Brazil in the coming years and then expand to the United States and Europe,” Silva finished.
CloudWalk went a step further in the crypto field and launched its own blockchain. How will the market in Brazil react to this news? Will it gain more followers to meet its goal of being the first payment solution in Brazil?
You might be interested in: