The Laboratory for Financial and Technological Innovations (LIFTING), joint initiative of Brazilian central bank and the National Federation of Central Bank Employees’ Associations (Fenasbac) have announced the resumption of activities with the aim of accelerate cryptocurrency and blockchain projects.
After a break in 2023, the laboratory, which has been promoting innovation in the National Financial System since 2018 through the development of technological prototypes, will resume its 2023/2024 edition with seven projects that will be accelerated to boost the financial innovation ecosystem.
LIFT is a virtual collaborative environment that brings together the academic universe, the market, technology companies and fintechs. The initiative is supported by technology companies such as AWS, Cielo, Finansystech, Idwall, Microsoft, Multiledgers, R3 and Veritran.
Find out where the Central Bank of Brazil plans to accelerate: cryptocurrencies, PIX and blockchain in its sights
In the official memo the The Central Bank of Brazil made it clear that seven areas are most desirable for accelerating the new phase of LIFT.
The first would be companies in the Compliance and preventive PLDthat can provide technological solutions to prevent money laundering and compliance.
In addition, the BCB strives for a Interoperability Gatewaywith a B2B interoperability solution that works between blockchain networks that are not compatible.
On the call GreenFi: Decentralized Finance for Sustainabilitythe authority wants to find a solution that aims to create a decentralized financial ecosystem for tokenized green assets.
Another expectation is to find a tool for that KYC for Credit Assessment on Blockchainthat is, a solution that aims to develop a decentralized network for evaluating and granting credit, according to the principles of Open Finances.
Already involved in a PIX Key Scorethe BCB wants to develop a score for the Pix instant payment system, monitoring safe zones and detecting amber accounts.
Near SmartSafeThe solution includes a programmable, secure and intuitive digital wallet for storing crypto assets.
Finally with the Guaranteed Agribusiness Token — TAGthe BCB wants the symbolization of assets for the agricultural industry.
Projects that have participated have already received more than R$400 million in investments
In the 2023/2024 edition the LIFT lab completes 6 years of technological innovations, which have generated significant impact. A total of 256 project proposals were submitted, of which 82 projects were selected.
Of the 68 finalists, 36% received private sector investments during or shortly after the acceleration, totaling more than R$400 million.
According to information from the BCB, the LIFT Lab schedule includes key steps starting in July. Project monitoring and handover meetings will be held throughout the program, with a focus on final delivery (LIFT day) and in the article publication report (LIFT papers).
Those interested in participating in the program and want more information can access the official website of the LIFT lab.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
