OBC’s Brazio undergoes first halving as Brazilians take more interest in crypto
Just as the crypto world was talking about the recent Bitcoin halving, Online Blockchain’s (OBC) Brazil coin cryptocurrency underwent its first halving on May 13th. According to London’s’ Blockchain guru, Clem Chambers, CEO of OBC, miners of Brazio will see their block reward reduced from 200 BRAZ to 100 BRAZ.
Chambers said, “This is a coming of age moment for Brazio and we are excited by both the currency’s development and popularity, Brazio’s excellent security, fast transactions and decentralised governance is a compelling proposition in Latin America, a region which is seeing a continued rise in cryptocurrency adoption.”
There are currently 83 million Brazio coins in existence. Allocation is tightly capped at 125.5 million BRAZ. It is also expected that the lower supply, along with a growing demand, will boost the coin’s value. Brazio’s next halving is expected to happen in approximately two years.
The coin is a secure digital currency developed by London listed Online Blockchain (LON:OBC) in partnership with ADVFN Brazil to provide the people of Brazil a doorway into the cryptocurrency revolution. Brazio trades on the SouthXchange.
Users can also get Brazio for free from FreeFaucet.io, OBC’s hub for cryptocurrencies faucets where users can mine and cash cryptocurrencies for free.
Brazil has the largest internet market in Latin America, accounting for nearly 140 million users in 2016. Digital adoption along with an interest in crypto currencies has been growing steadily over the last few years. Binance, the largest crypto exchange in the world, saw an increase of 16% from Brazilian users in Q1 2020 than in Q4 2019.
Mayra Siqueira, from Binance Brazil added that because of political instability in Brazil, cryptocurrencies pose an opportunity: “We’re not seeing international investment coming to Brazil any time soon because we’re politically unstable. We’re going to see more crypto adoption because of that.”
There are around 60 crypto exchanges now operating in Brazil today.
Crypto currencies provide an attractive option for financially excluded Brazilians. They offer innovative alternatives for banking services, which are highly concentrated. Around 78% of all deposits in Brazil are made to five financial conglomerates. Digital currencies challenge the hegemony of the major banks, providing users with quicker transactions, lower costs and more accessibility. Alternative payment methods also mean more freedom and control over personal finances.
Brazio offers the robust features of a secure blockchain and can be mined by anyone with a computer.
A report from the World Bank on financial inclusion shows that by 2014, only 54 percent of the adult population in Latin America had an account at a financial institution. In developed economies, 94 percent of adults have an account at a financial institution.
Online Blockchain (LSE: OBC) has also developed Buenos, a cryptocurrency ecosystem targeted at the people of neighbouring Argentina. The company sees huge opportunity for digital currencies in developing countries where the financial system is less stable and people, particularly the young population, are more open to adopt digital financial services.
“Emerging markets have always had a problem with their financial infrastructure. Cryptocurrencies and the Blockchain give emerging economies a chance to leapfrog the legacy issues and opportunity to steal a march on G7 countries forever hijacked by their bankers,” says Clem Chambers.
Brazil is one of the largest markets for ADVFN, OBC’s sister company, and has an exciting audience keen and eager to seek alternative financial services and investment tools.
Online Blockchain plc (LSE: OBC) is a UK-based incubator and developer of businesses in internet and information-based technologies, including developers, administrators, as well as custodians of blockchains and crypto currencies. Focusing operations on building ‘the new generation of blockchain’. OBC continues to consider new related opportunities, particularly crypto currencies, and blockchain-based opportunities. Led by a CEO and team with over two decades of pioneering in tech. Online Blockchain focuses on innovation in crypto currency and decentralised ecosystems via various applications of blockchain: incubating crypto currency start-ups and developing technical innovation in the blockchain space.
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