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Chainlink, Microsoft, and Banco Inter are working together on a project in Brazil to improve the country’s digital money system. This project, called Drex, uses new technology to help Brazil’s economy grow and become more digital.
The three companies are assisting Brazil in utilizing blockchain and decentralized finance concepts to enhance how individuals and businesses handle money.
Drex Project Moves to Second Phase with Chainlink, Microsoft, and Banco Inter
Chainlink, a company known for helping different blockchains work together, is providing technology to make sure digital money transactions are safe and reliable.
Microsoft is helping by using its cloud services to make the system faster and more efficient. Banco Inter, a large bank in Brazil, is sharing its knowledge of traditional banking to help connect the new digital money system with the real-world economy.
The second phase of the Drex project is testing new ideas, like pools of money for government bonds and helping with international trade.
The first phase worked on making the system safe and private. Now, the project is working on new problems like how to make sure the digital currency works with both Brazil’s rules and international rules.
Roberto Campos Neto, who leads Brazil’s central bank, said the goal is to create a digital money system that works for everyone.
He wants it to keep people’s information private, but also be decentralized, so it is not controlled by just one place. The Drex project hopes to create new ways for people to use tokenized financial services, which will help businesses and people get more access to digital money.
Bruno Grossi from Banco Inter, who works on new technologies, said that the second phase of Drex is very important for Brazil’s economy. He believes that working with global companies like Microsoft and Chainlink will help Brazil’s financial market grow and reach more people.
Drex Project Gains Global Support For Secure Transactions And Financial Growth
Angela Walker from Chainlink also talked about how important it is to have technology that allows secure transactions across different countries and types of money. She said this will help businesses in Brazil use tokenized money to trade more easily.
João Aragão from Microsoft said the company wants to help Drex grow. Their goal is to make financial services easier to access for everyone in Brazil.
Sergio Yamani from 7COMm said he was excited to work with the project because blockchain and digital currencies can change how businesses do cross-border payments.
In September, Brazil’s central bank selected Visa and Santander to support testing phase two of Drex. The trial will examine how digital currency can facilitate secure and swift transactions, particularly for government bonds and large transactions between banks.
The goal is to make digital money easy to use while making sure it is private and works for many different needs. The second phase of the project will test out the technology needed for these services.
