Is it a coincidence that KaJ Labs entered into a partnership with Brazil’s central bank after donating such an amount to Ripple’s defense?
KaJ Labs, a Seattle-based blockchain company, has started talks with the Central Bank of Brazil to partner with the actual rollout of the country’s CBDC.
The company will use its proprietary cryptocurrency platform, Lithosphere, as a way to prepare for the trial of Brazilian digital currency as legal tender.
KaJ Labs founder Joel Kasr said, “KaJ Labs will focus on how interoperability could be achieved between various CBDCs and other DLT solutions. “
Brazil has been exploring CBDCs since 2020. Central Bank of Brazil officials had conversations with Ripple executives at the time to assess how to go about it, namely using the private version of the XRP ledger.
In June 2021, the BCB announced the plan for the next steps to develop its digital currency project.
KaJ Labs, the company that will execute part of this plan to make Brazil’s CBDC a reality, is very friendly with Ripple Labs and it is no accident.
The company headed by Joel Kasr is grateful to Ripple for developing a network for fast and low cost cross-border money transfers with XRP. Ripple’s work “paved the way for innovations like Lithosphere,” the company said.
Lithosphere is powered by AI and Deep Neural Networks (DNN) for smart smart contracts and a new Myriad Distributed Key Management (MDKM) scheme for key management.
KaJ Labs has done everything possible to stand by Ripple’s side in the ongoing lawsuit with the Securities and Exchange Commission. The company donated a total of $ 95 million to Ripple’s legal defense fund.
So, is it a coincidence that KaJ Labs entered into a partnership with Brazil’s central bank after donating such an amount to Ripple’s defense? Finance Feeds did not receive an immediate response, but will update the article as soon as a comment is provided.
The attempt to partner with the Central Bank of Brazil to launch an actual digital CBDC is a realization of the importance of the business in the cryptocurrency environment.
Brazil plans to digitize the Brazilian real and could release the digital currency from the Central Bank as early as 2022, provided the infrastructure and conditions for the implementation of digital currency are met.
Launched in 2020, the country’s PIX instant payment system enables users to transfer and receive payments through a smartphone in seconds and can be the backbone of a larger CBDC.
KaJ Labs’ Lithosphere will help distributed ledger (DLT) technology, bond tokenization and wholesale payment token using its custom blockchain interoperability solutions.
The essay will explore both forms of token money to settle bond or bond transactions, to be issued, settled and cleared on an authorized blockchain.