We’re excited to announce that Brazil’s central bank (Banco Central do Brasil) is using Chainlink in its CBDC project for trade finance, alongside Microsoft Partner, Inter&Co, and 7COMm.

CCIP enables cross-currency, cross-border, cross-chain transactions to be settled securely: <www.prnewswire.com/news-releases/chainlink-joins-banco-inter-microsoft-and-7comm-consortium-to-support-trade-finance-use-case-in-phase-2-of-drex-pilot-302309772.html>

The Drex CBDC project leverages Chainlink and blockchain technology to automate supply chain management and improve trade finance processes.

Specifically, the implementation involves tokenizing an Electronic Bill of Lading (eBoL) onchain and using supply chain data to trigger payments throughout the shipping process. Chainlink CCIP enables secure interoperability between the CBDCs of Brazil and a central bank local to another country, ensuring that transactions are compatible and settled efficiently.

The project demonstrates how onchain trade finance unlocks Delivery versus Payment (DvP) and Payment versus Payment (PvP), providing greater efficiency in the global supply chain, as well as increased security and transparency in the international trade of agricultural commodities.

Drex brings together industry leaders such as Banco Central do Brasil (BCB) and Hong Kong Monetary Authority (HKMA) alongside Chainlink and others to collaborate on cross-border settlement via multi-CBDCs: <www.hkma.gov.hk/eng/news-and-media/press-releases/2024/10/20241028-3/>

See Duncan Chiu of the HKSAR Legislative Council discuss Project Ensemble at #Chainlink SmartCon: <www.youtube.com/watch?v=kmRMYYyCp90&t=817s>

Microsoft is supporting Drex to "not only broaden access to intelligent financial services but to play a key role in the development of the nation’s economy."

Banco Inter, the financial super app serving over 31 million users, sees this as an “exciting moment for Brazil.