Microsoft, Chainlink (LINK), and others are participating in Brazil’s central banks’ phase two of their Drex central bank digital currency (CBDC) pilot. The initiative is targeting improvements in cross-border agricultural commodity transactions and supply chain processes.
Phase two will see Banco Central do Brasil (BCB) building a trade finance solution using oracles and blockchain technology. This is where Microsoft and Chainlink come in. The initiative will also see Banco Inter and blockchain solutions firm 7Comm involved.
We’re excited to announce that Brazil’s central bank @BancoCentralBR is using Chainlink in its CBDC project, alongside @Microsoft (@msPartner), @interbr, & 7COMm.
CCIP enables cross-currency, cross-border, cross-chain transactions to be settled securely🧵https://t.co/7aBGtHh3mt
— Chainlink (@chainlink) November 19, 2024
Real-World Application For Chainlink’s Cross-Chain Interoperability Protocol
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, the leading decentralized oracle provider, will provide its Cross-Chain Interoperability Protocol (CCIP) to facilitate secure cross-platform transactions. The pilot plans to enable a delivery-versus-payment (DvP) blockchain-based mechanism to improve transparency and efficiency.
Brazil’s central bank initiative seeks to integrate CBDCs and blockchain technology into Brazil’s economy. It hopes this will address inefficiencies in trade finance while also promoting financial innovation across the country.
A leading digital bank in Brazil, Banco Inter, will lead the implementation of the Drex platform in the country. The bank sees the initiative as an opportunity to expand market access while strengthening the economy.
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Chainlink And Microsoft Speak On Brazil CBDC Initiative
🇧🇷🤝 #LINK Brazil's Central Bank leverages #Chainlink's CCIP and Microsoft's cloud infrastructure to innovate trade finance automation in #CBDC pilot
— Moon Whales (@Moon_Whales_) November 19, 2024
Angela Walker, Global Head of Banking and Capital Markets at Chainlink Labs spoke on the announcement.
“We look forward to working with the Central Bank of Brazil, Banco Inter, and Microsoft to demonstrate how the adoption of blockchain technology combined with Chainlink’s interoperability protocol CCIP can transform trade finance,” She said.
“Chainlink CCIP is essential to enabling secure cross-border, cross-currency, and cross-chain transactions and will help showcase what tokenized assets can do at scale for this key CBDC use case in Brazil.”
Microsoft has been a long-term proponent of blockchain innovation and an active early participant in DREX. The firm will be providing cloud services for the project.
“Microsoft is pleased to be working with the Central Bank of Brazil, Banco Inter, 7COMm, and Chainlink Labs on Brazil’s DREX digital currency,” said João Aragão, innovation specialist for financial services at Microsoft.
“Microsoft is providing technology to support the development of DREX designed to not only broaden access to intelligent financial services but to play a key role in the development of the nation’s economy.”
Brazil’s Drex pilot phase two will continue into 2025. Its ultimate goal is to explore cross-border digital asset transactions, including liquidity pools for government bonds and international trade.
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