Nubank connects its infrastructure to the Brazilian Central Bank’s blockchain network to initiate testing with Drex
Node connection is the company's first step within the pilot project of the Real Digital (Drex) for asset tokenization with the aim of making transfers simpler, safer, and more efficient
Aug 18 , 2023
São Paulo, August 18, 2023 – Nubank, one of the largest digital financial services platforms in the world, announces the start of practical tests as part of its integration into the pilot project of Drex, the Brazilian digital currency formerly known as Real Digital. The start of simulations is made possible by connecting the company’s infrastructure to the Drex blockchain network, which operates on the Hyperledger Besu technology, chosen by the Brazilian Central Bank for transactions.
The digital version of Real will be an important step for other types of assets, such as automobiles, to have a digital representation on the Drex platform, which will reduce trading risks and operational costs, as well as simplify the process.
“Nubank is a blockchain technology enthusiast, and we believe that the success of Drex has the enormous potential to make our customers’ financial operations simpler, safer, and more efficient,” says Thomaz Fortes, general manager of Nubank Cripto’s operations. “The capacity for innovation and evolution of day-to-day operations, such as the transfer of ownership of physical assets, is immense,” he adds.
Nubank is one of the 16 financial institutions chosen by the Brazilian Central Bank to participate in the pilot project of Drex, with testing expected to be completed by the end of 2024. With the integration of its technological node into the network of the Brazilian Central Bank, Nubank can now test and simulate transactions with different tokenized financial assets that are part of the pilot, as well as contribute to the development of solutions to ensure the privacy and security of the network.
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