Tecban, a leading fintech firm specializing in bank interconnection technology, has introduced Nexchain, a comprehensive platform for asset tokenization and related services. This innovative platform is designed to enable third parties to tokenize assets on the blockchain, supporting the pilot phase of Brazil’s Drex CBDC. Notably, Nexchain will operate without its own blockchain.
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Tecban to Launch Nexchain for Drex CBDC Tokenization
As Brazil’s central bank digital currency (CBDC) project, Drex, advances, Tecban is set to contribute significantly with its new Nexchain platform. Tecban, renowned for its network interconnection services for banks, has developed Nexchain to streamline asset tokenization for third-party users.
Nexchain’s launch aligns with Tecban’s involvement in the second phase of the Drex pilot, where various companies will present their solutions for different use cases utilizing the Brazilian CBDC. Instead of using a proprietary blockchain, Nexchain will integrate tokenized assets into multiple existing blockchains.
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Tiago Aguiar, Tecban’s Executive Superintendent of Products, New Business, and Marketing, explained to Valor Economico that Nexchain aims to replicate the convenience offered by Tecban’s Banco24Horas ATM network in the digital assets realm. He stated:
“Banco24Horas was established to eliminate the need for banks to develop their own ATM networks in specific areas.”
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Similarly, Nexchain aims to assist third parties in setting up their tokenization platforms without needing a specialized team for tokenization and blockchain management. “It is more efficient if everyone can plug in and create their nodes while we manage them,” Aguiar emphasized.
The initial application of Nexchain will be in collaboration with Personal Card, a social benefits payment company. This partnership will extend uniform payment donations to over 490,000 beneficiaries and provide school supplies to over 519,000 recipients. Nexchain will issue tokens pegged to the Brazilian real, allowing retailers to convert these payments into real fiat currency.