July 25, 2024
Press Release

Brazilian stablecoin issuer ECSA secures $3 million in pre-seed funding round with backing from Y Combinator and others

ECSA, a Brazilian stablecoin issuer using blockchain technology, announced today that it has raised $3 million in a pre-seed investment round. The funding featured participation from renowned investors such as Y Combinator, Arca Capital, Domo, and others.

 

The company intends to use the funds raised to expand the adoption of its stablecoins 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, one of ECSA’s founders, said: “Blockchain technologies are a great opportunity to revolutionize the financial industry. ECSA has been working with cutting-edge technologies in different networks and protocols, making BRLe increasingly liquid. Today, BRLe is issued on the Stellar network and is moving towards being issued on the Ethereum network (ERC-20), further expanding its scope and enabling integration with a wide range of decentralized applications and services.”

 

ECSA’s BRLe, a stablecoin pegged to the Brazilian Real, is 100% backed by Brazilian public securities, custodied by Itaú-Unibanco, the largest bank in Latin America. Through smart contracts, ECSA passes on the returns from the collateral to the token holders, allowing them to carry out carry trade operations on the blockchain and capture the Brazilian sovereign yield in a transparent and secure manner.

 

Vitor Miranda, founder and CTO of ECSA, emphasized: “We integrate traditional economy with decentralized finance, establishing a bridge between the two worlds. Our technology aims to offer the most effective solution to combine the benefits of decentralized finance (DeFi) with the conventional financial system.”