Brazilian SMB-focused payments firm CloudWalk is set to roll out its own blockchain system for documenting cryptocurrency transactions and operations.
The announcement follows a fresh $150m infusion at a valuation of $2.15bn.
CloudWalk’s proposed blockchain ledger will be designed to manage 500 transactions in a second, which is 70 times faster than existing blockchain platforms including Ethereum and Polygon.
Plans are on to increase this figure to 5,000 cryptocurrency transactions per second later this year.
With the new blockchain, CloudWalk plans to develop a system that enables the movement of money at the speed of light.
CloudWalk founder and CEO Luis Silva said: “Blockchain enables this speed.
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“For example, when shop owners sell using Visa or Master, it takes up to one day for them to receive the money.
“With blockchain and our currency, they can receive the money in up to two seconds.”
CloudWalk’s blockchain will deal with the transactions of Brazilian Digital Real (BRLC) stablecoin, which was introduced in December last year.
BRLC is currently provided as cashback for transactions carried out on the company’s InfinitePay payment machine.
At present, BRLC has a user base of over 130,000, and CloudWalk aims to add around 50,000 new users per month to this platform.
The company’s new blockchain is expected to decentralise and offer easy access to financial services.
Silva added: “We believe that the blockchain will replace the entire financial system in the future.
“Any developer can enter our blockchain network and create apps. So, it is very easy for other companies to develop solutions for our customers.”
The upcoming blockchain is set to empower the smart lending platform that involves money storage, authorisation and payment settlements.