Santander Cryptocurrency Services Expand
Santander is one of the largest networks of banks in the world, with its headquarters in Spain. In August, it announced that it would be launching the Santander cryptocurrency trading feature in Brazil. Now, the firm has proposed using the Brazilian CBDC (central bank digital currency), Digital Real, to tokenise assets.
The firm intends to facilitate trading real estate properties and cars for crypto users in Brazil. For this reason, it will be working with the FinTech ParFin, which can assist in tokenising ownership rights and controlling the exchange of assets or currencies.
Santander cryptocurrency trading project for LIFT Challenge
The proposal for the tokenisation of real estate properties and vehicles through CBDCs is for the LIFT Challenge program. The Central Bank of Brazil initiated the program to promote the use of CBDC, Digital Real, in the country. The coin could be launched in 2024.
Along with Santander, several other institutions became part of it, including the Mercado Bitcoin Exchange, Itau Unibanco, and Visa do Brazil. Because of this initiative from the central bank, various use cases of the upcoming digital currency came forward.
Digitising real-world assets
The banking institution is looking to build an infrastructure that can digitise real-world assets. It will provide a complete platform to the users where they can easily buy or sell properties, vehicles, or other assets via virtual currency.
According to a local news agency, the bank's Executive Superintendent of Open Finance, Jayme Chataque, said that the tokenisation would allow the users to leverage smart contract and blockchain technology for making deals for their houses, cars, or other assets.
Meanwhile, the CTO of ParFin, Alex Buelau, stated that the firm has built a permissioned blockchain, ParChain, which will be used for digitisation for this project. Also, he mentioned that the blockchain could provide enhanced security through Multi-Party Computation technology.
Author: Wasay Ali
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