Cloudwalk unveils Native Blockchain and Targets 5000 transactions per second
- Cloudwalk says that over 130 thousand subscribers currently use BRLC, its native token.
Cloudwalk, a Brazilian fintech company, has announced plans to unveil its native blockchain technology. With the new blockchain, the Brazilian-based Unicorn intends to record a series of processed cryptocurrency transactions and operations.
As reported, the Fintech firm which grossly offers payment solution services aims to consistently expand its offerings beyond its current state. This development, however, justifies its resolve toward achieving the milestone.
As of press time, the Fintech network usually processes at least 500 transactions per second. This, according to reports, is 70 times higher than the recorded transaction rate during its time on Ethereum and Polygon blockchains. Now, Cloudwalk plans to hit a record of 5,000 transactions per second with the new feat.
Cloudwalk and the Blockchain Technology
The CEO and founder of Cloudwalk, Luis Silva remarked that the major focus of the firm is to earn at the speed of light. According to him, only blockchain technology tends to make the aim feasible.
Silva in an attempt to prove his point cited shop owners who usually receive money a day after selling via their Visa or Master technology as a setback. The CEO claims with blockchain and the currency of Cloudwalk, shop owners and other users can receive their funds within two seconds.
Silver further said that the new blockchain allows any developer to access and create apps with ease. This, according to him, also helps developers devise solutions for the benefit of their customers.
More so, the founder expressed optimism that blockchain technology will replace and transform the existing financial system in the nearest future. He reiterated the commitment of the Fintech firm to initiating an international-standard payment network.
The founder believes Cloudwalk has the potential to become Brazil’s top solution network in the near future. Additionally, he believes the firm can now expand its offerings to the United States and the rest of Europe.
Notably, the Brazilian payment solution recorded a massive feat late last year when it gathered US$150 million in a new investment round. As of today, Cloudwalk has attained a market cap of about US$215 billion.
The platform uses a native token dubbed the Brazilian Digital Real (RBLC) stablecoin. The RBLC m, which manifested late last year, is now used as a cashback for any transactions processed on the network.
More so, Cloudwalk says that over 130 thousand subscribers currently use BRLC.
To date, the Fintech firm has continued to consistently record massive and rapid growth. Recently, it witnessed a growth rate, equaled to an average of 240 percent.
It currently enjoys the patronage of over 500,000 subscribers within the length and breadth of Brazil. As of 2020, its solutions were always accessed in about 150,000 stores. However, today, the solutions are now found in over 204,000 stores, a statistic that may be doubled in the coming years.