CloudWalk, a Brazilian fintech company that offers payment solutions for small and medium-sized businesses, has reached a new milestone: it will launch its own blockchain, a ledger that records cryptocurrency transactions and operations. This announcement comes just seven months after CloudWalk announced it had raised US$150 million in a new investment round and had reached a market valuation of US$2.15 billion.
To grow the business is the objective, which has already been accomplished. With its own network, it can process 500 transactions per second, which is 70 times more than before it was based on Ethereum and Polygon and other blockchain platforms. The ambitious target for the upcoming months is to process 5,000 transactions per second.
Blockchain makes this speed possible. For instance, it can take up to a day for store owners to collect their money when they use Visa or Master. They can receive the funds in as little as two seconds using blockchain and our currency, The proprietary ecosystem will be responsible for the entire Smart Lending platform, which includes money storage, as well as authorization and settlement of payment transactions. CloudWalk intends to make the financial industry more agile and efficient."
Luis Silva, The CEO and Founder, CloudWalk