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 210 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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Good news for India’s crypto scene: Binance acquires WazirX

Binance, one of the world’s biggest cryptocurrency exchanges, has announced its buyout of the exchange WazirX, marking their entry into the Indian market. Binance is a leading cryptocurrency trading platform with more than 100 cryptocurrencies available and is considered to be the largest exchange in terms of volume.

In an interview with crypto guru Stefania Barbaglio for FinancialFox, WazirX CEO Nischal Shetty talked about the deal and how it will impact the crypto world in India. The crypto scene is one of the largest and most exciting areas in terms of potential for growth and mass adoption.

“This is not just good news for WazirX, but also great news for crypto ecosystem in India,” says Nischal about the recent announcement. The CEO believes that Binance is the ideal partner as the two companies share the same mission of widening cryptocurrency access to as many people as possible.

WazirX was the first exchange to create an auto-matching peer-to-peer engine to help traders convert Indian rupees into crypto and vice versa. According to a statement, this is a first-of-its-kind acquisition of an Indian crypto exchange by a global player in the industry.

The buyout statement says that the entry into the Indian market represents a step into allowing cryptocurrencies to be part of developing economies: “The next phase of mass adoption of cryptocurrencies will arise from developing nations around the world. India, with more than a billion people, is primed for massive crypto adoption and this acquisition by Binance gives us the opportunity to not only cater to India but every developing nation where fiat on-ramps have to be built.”

Nischal Shetty was a guest on our show nearly a year ago, when he talked about the difficult relationship between Indian regulators and pro-blockchain businesses. Nischal started the campaign #IndiaWantsCrypto to attract the attention of businesses, regulators and campaigners. Shetty believes that implementing positive regulations and allowing Indian people to integrate the digital currency economy will bring wealth and millions of jobs, creating a big boost for the national economy:

While India has one of the largest unbanked populations in the world, it also has one of the largest numbers of smartphones in the world, and cryptocurrencies act at the heart of this disparity. The country has more than half a billion internet subscribers, making it one of the most important for digital consumers, yet Indian authorities seem reluctant to allow the use of cryptocurrencies in the country.

A ban on cryptocurrencies issued by the Indian Central Bank, RBI, has caused many Indian-based exchanges to move operations to crypto-friendly countries such as Singapore, Hong Kong and Switzerland.

Nevertheless, the Indian government has acknowledged and welcomed the advantages of implementing blockchain technology into systems. It is reported that approximately half of the states in India have integrated blockchain projects into their administrations to optimise various public services.

Other blockchain enthusiasts seem positive about the news of Binance entering the Indian market. In an interview for Cointelegraph, Varun Sethi, the founder of Blockchain Lawyer, said: “The acquisition of WazirX by Binance should be construed as a positive step since this would help assembly the defragmented efforts to approach regulatory authorities for bringing in place regulatory framework. Also global experiences of Binance dealing with other government and their subsequent change in stance towards a pro crypto approach, may well be the trigger that India needs to head in the right direction for such regulations.”

Watch the full interview:

https://youtu.be/C_C62FrOeuk

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