The stablecoin paired with the real CryptoBRL (CBRL) is about to go out of circulation and Brazilians who still have the cryptocurrency in their wallets have until December 31 to convert the currency and avoid losing funds.
THE alert was done on the morning of Wednesday (29) by BitPreço, exchange that will allow in the next two days users to convert the cBRL token to BRZ, Transfero’s real stablecoin.
The Brazilian company behind the Brazilian Digital Token bought competitor CryptoBRL in early November to consolidate BRZ’s space as the market’s leading real-pegged stablecoin.
cBRL was a stablecoin launched in early 2020 by a set of exchanges and national companies, based on the ERC-20 standard of the Ethereum network.
BRZ has existed since 2019 and was the first real-based stablecoin to be created. According to Trasfero, BRZ is currently the largest non-dollar stablecoin in circulation.
When the company acquired CryptoBRL, it said it would keep the token up and running until the last day of 2021. With two days to go before the year ends, the deadline for users to convert the cryptocurrency is coming to an end.
At Bitpreço, exchanges take place at a 1:1 ratio, that is, 1 cBRL can be converted to 1 BRZ. “This exchange is essential because after the deadline, the tokens will be out of circulation,” said the platform.
How to Convert CBRL |
To help customers who have CBRL, the company has prepared a question and answer guide:
I have cBRL, what should I do?
The national brokerage BitPreço will offer the possibility for cBRL holders to exchange their tokens for BRZ.
Will cBRL cease to exist?
Yes, as of December 31st, all cBRL tokens will be unusable.
How to change cBRL for BRZ?
Just access the BitPreço exchange and convert to BRZ in a 1:1 ratio. Other platforms will be able to offer the service until December 31st.
What is the deadline for the exchange?
All cBRL token users must perform the BRZ exchange by December 31, 2021.
Am I required to exchange CryptoBRL for BRZ?
CBRL holders who intend to guarantee the transactional utility must exchange the token for BRZ within the established deadline.
Where can I use BRZ?
BRZ has a huge liquidity network and can be traded on Transfero, FTX, BitPreço, Crypto.com, Bittrex, ZBX, NovaDAX, BigONE, BitForex, VirgoX platforms and on a number of decentralized platforms.