ECSA, a Brazilian stablecoin issuer using blockchain technology, announced today that it has raised $3 million in an initial investment round. The fund features participation from well-known investors such as Y Combinator, Arca Capital, Domoand others.
The company intends to use the funds raised to expand its stablecoin adoption in the growing decentralized finance (DeFi) market. The goal is to reach institutional investors, family offices, individual investors, cryptocurrency brokers and payment processors.
Eryk Vieira, co-founder of ECSA, said: “Blockchain technology is a great opportunity to revolutionize the financial industry. ECSA has worked with cutting-edge technologies across multiple networks and protocols, making BRLe even more liquid. Today, BRLe is issued on the Stellar network and is moving toward being issued on the Ethereum network (ERC-20), further expanding its scope and enabling integration with various decentralized applications and services.”
BRLe ECSA, a stablecoin pegged to the Brazilian Real, is 100% backed by Brazilian public securities, managed by Itaú-Unibanco, the largest bank in Latin America. Through smart contracts, ECSA passes returns from collateral to token holders, enabling them to carry out trading operations on the blockchain and capture the results of the Brazilian state in a transparent and secure manner.
Vitor Miranda, founder and CTO of ECSA, emphasizes: “We are integrating the traditional economy with decentralized finance, building a bridge between the two worlds. Our technology aims to offer the most effective solutions to combine the benefits of decentralized finance (DeFi) with conventional financial systems.”