Brazil-based exchange Mercado Bitcoin reportedly disclosed details related to the newly forged alliance with the Stellar Development Foundation (SDF). 

Specifically, the freshly established alliance will reportedly work towards the primary goal of building one of the nine initiatives chosen for the LIFT Challenge Real Digital, promoted by the Central Bank of Brazil.

The LIFT Challenge Real Digital is a collaborative environment conducted by the Central Bank of Brazil (Bacen), via teaming up with the National Federation of Associations of Central Bank Servers (Fenasbac). 

With details of the new Stellar’s integration rolled out, SDF will reportedly become a member of the consortium – which also saw participation from CPQD and ClearSale – formed by Mercado Bitcoin to design offerings for Real Digital. 

Stellar Development Head Denelle Dixon additionally remarked that Stellar’s network has sufficient preparation to facilitate Mercado Bitcoin and the Central Bank of Brazil, with them spending efforts in studying use cases for the Real Digital’s future. 

“Stellar was designed for asset issuance, and its built-in compliance tools give Mercado Bitcoin a strong foundation to develop a solution with the features that Bacen expects to see,” Dixon further claimed.

Per the statement, the Stellar network is the finalized name Mercado Bitcoin entrusted because of its speed, efficiency and security.

“We are in a consortium of companies that have the structure and ambition to build robust solutions for the financial market through blockchain technology. Utilizing the Stellar network will allow us to deliver a complete case for evaluation by the Central Bank,” Reinaldo Rabelo, current Head of Mercado Bitcoin, remarked regarding the development. 

Apart from the consortium formed by Mercado Bitcoin, the Central Bank of Brazil also selected the DeFi Aave (AAVE) protocol and ConsenSys, via a collaboration with Visa and Microsoft, to explore use cases for the nation’s Real Digital.