Reading time: ~2 m
Blockchain company Celo has released the cREAL stablecoin pegged to the Brazilian Real (BRL). It is the third stable currency of the platform. It has previously created cEUR and cUSD, which are priced at the value of the euro and the US dollar, respectively. The new coin has been listed on the NovaDAX exchange.
The co-founder of the company, René Reinsberg, said that digital currencies have caused a lot of excitement among Brazilians. The Celo community has created many projects built on this blockchain, as well as using cUSD and cEUR stable currencies. The entrepreneur emphasized that this is one of the most powerful markets for the introduction of new technology.
Reinsberg also stated that the cREAL stablecoin can be used in centralized (CeFi) and decentralized finance (DeFi) applications and services, including the Ubeswap exchange platform, Moola Market and Valora lending protocols, and a mobile crypto wallet integrated into the Celo network.
The head of the Celo Foundation in South America, Camila Rioja, added to the above that the rate of adoption of digital currency in countries with rapidly growing markets shows not only a high interest in the new digital economy, but also indicates the emergence of real projects on blockchain technology. Forecasts show that in 2022 Brazil will become a major player in the Latin American region in the virtual asset industry.
Celo supports a number of Brazilian projects, including the yield marketplace ImpactMarket. Its services have been used by 10,000 local beneficiaries.
The native currency of the Celo network (CELO) at 17:38 (UTC) on January 27 was worth $3.14. This is 3.2% cheaper than the day before. The volume of trading in 24 hours increased by 4.1%, to $81.84 million. The market capitalization of the asset is $1.21 billion.
#Celo #launches #cREAL #stablecoin #pegged #Brazilian #Real