InfinitePay launches real paired stablecoin which can give the merchant more assurance. Photo: Pixabay.

InfinitePay, payment solution from fintech unicorn CloudWalk, officially announced today (22) the launch of its stable currency (stablecoin) Brazilian Digital Real (BRLC). As the currency is pegged to the real, 1 BRLC is equivalent to R$1. The company mentioned the launch last week, when it announced a new investment of US$ 150 million (about R$ 825 million).

“BRLC and Cashback InfinitePay usher in CloudWalk’s blockchain-based solutions. We are developing structures that will make payments from network retailers and transfers in real time feasible at no cost to the parties involved”, said Paulo Perez, the company’s Chief Design Officer (CDO). The company did not provide further details on the stable currency.

There are already other stable currencies pegged to the real. Transfero issues the Brazilian Digital Token (BRZ), which was the first Brazilian stablecoin in circulation and is the largest not paired with the dollar. Two weeks ago, the company announced the purchase of also stablecoin CryptoBRL (CBRL), cBRL was created in early 2020 by a group of companies and exchanges. With that, the company says it wants to strengthen BRZ.

cBRL was created in early 2020 by a group of companies and exchanges. BRZ has been on the market since 2019. In addition to being the first Brazilian stablecoin in circulation, it is the largest not paired with the dollar.

With this, the company, which has a payment machine and is present in around 150 thousand stores in 4.3 thousand cities across the country, offers a currency that, for the store owner and user, does not experience the volatility of root currencies such as bitcoin. This volatility can be a big problem when settling values, especially for the retailer, because a currency can devalue a lot between payment by the customer and the seller. And vice versa, generating loss for the customer.

According to the acquirer, transactions carried out via credit card cost an average of 4% of the total value and the receipt time is 30 days in the conventional model. In the anticipated model, the retailer receives the sale value all at once, instead of receiving it in fractions. But there may be a discount on the amount due to the anticipation.

“This strategy of remunerating the community subverts the logic of investments concentrated in large media companies. And above all, it introduces people from the most varied social classes to the decentralization of Web 3.0”, says the CDO.

“When we talk about the agility of this model, it is necessary to express how real the speed we are proposing is: transactions in BRLC happen at zero cost and take around four seconds to happen”, completes Perez.

According to a statement, the company will also distribute R$1 million per month in cashback to those who make payments using its application. The distribution will be in real time, after payment, in amounts unrelated to the transaction.

User can transfer cashback money to other InfinitePay accounts or to a cryptocurrency wallet on the Polygon network. And then receive the BRLC

“The exchange for other tokens within the app, such as bitcoin, doge coin and USDC, is already provided for in the BRLC balance section, where the user can view assets that will soon be available. In addition, it will be possible to make a PIX with the balance for the desired bank account”, says the company.

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