VirgoX Aims to Enter South American Market by Listing the First Brazilian Real-Backed Stablecoin BRZ
TORONTO, June 10, 2020 /PRNewswire/ -- VirgoX is pleased to announce that BRZ, the first Brazilian Real-backed stablecoin, will be available to buy, sell and trade on VirgoX digital asset trading platform starting June 10, 2020.
"Brazil has the largest number of crypto holders in South America and the crypto adoption has grown rapidly. As the fifth-largest digital asset in Brazil, the BRZ token proves its value of being a liquid and easy-to-use stablecoin favoured by many local Brazilian users. VirgoX will provide Brazilian users to trade BRZ against other stablecoins or digital assets all in one place. Having BRZ joining VirgoX further consolidates its position as a world stablecoin trading center," said Adam Cai, CEO, VirgoX.
The Brazilian Tax Authority reported that over USD 100 million was traded in BRZ from August 2019 to February 2020, consolidating the token as the dominant stablecoin in Latin America. BRZ can now be found on several major international exchanges and is progressing to e-wallets and prepaid debit cards. The listing on VirgoX will further reinforce BRZ as a solid international instrument that represents a bridge to the Brazilian market.
"We are so excited to bring BRZ onto VirgoX. We truly believe VirgoX positioning and so happy to be a part of it. The BRZ stablecoin is becoming the main instrument for Brazilians who operate on international platforms and also for foreigners willing to access crypto-markets in Brazil. Furthermore, BRZ can be used as a hedging instrument for the Brazilian Real, but in a much more sophisticated way," said Thiago Cesar, CEO, Transfero Swiss AG.
Stablecoins have been gaining widespread traction across the cryptocurrency ecosystem for the last two years. According to Cryptoslate, the total market capitalization of stablecoins surpassed $10 billion for the first time ever in May. VirgoX and BRZ strongly believe that stablecoin has a promising outlook and can not only digitize the global financial market but also bring positive effects in global remittance and cross-border payment, such as decreasing costs and increasing processing speed.
VirgoX will accelerate the establishment of a world stablecoin trading center by launching a series of well-designed stablecoins. With its complete ecosystem ranging from spot and contract trading, lending, global payments and remittance, traders can experience a full-functioning stablecoin trading platform. VirgoX will launch more innovative products, such as stablecoin-empowered FX pairs, meeting the present needs of users and anticipating future demands.
VirgoX is a revolutionary one-stop stablecoin-focused digital asset trading platform inspired by global adoptions of stablecoins and growing demands for integrated exchange services.
The BRZ is an ERC-20 token, built up on top of the Ethereum blockchain, designed to maintain a 1:1 peg to Brazilian Real. Price stability will be pursued by market agents based on the reserves held. The BRZ token is a Brazilian Real-backed international instrument.
Media Contact:
Blair Zhu
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