Parfin expands its portfolio of solutions to accelerate the use of web3 technologies by institutions with compliance, privacy security and interoperability
Parfin, the leading web3 infrastructure provider in Latin America, announces the launch of Parchain, a permissioned layer 0 blockchain compatible with EVM (Ethereum Virtual Machine) and tailored to meet institutional needs. The pioneering technology offers the highest level of security and privacy and enables institutions to use blockchains in ways that satisfies local regulations, so that institutions can benefit from opportunities in the digital economy.
Parchain arrives on the market as a solution for institutions that find it challenging to incorporate some of the disruptive innovations of blockchain in their business. One of the reasons is that they are required by law to apply policies such as Know Your Customer (KYC) and Anti-Money Laundering (AML) and need to strive for security and trust in all their operations. The solution is well suited for use cases around tokenization, CBDCs, stablecoins and permission DeFi.
Parchain's main highlights include: an enterprise-grade architecture, the simple and secure interoperability between private and permissioned blockchains that are part of the ecosystem; the possibility of having total privacy in accounts and transactions for all private blockchains; and the identity verication of all participants who interact with the layer 0 system.
Interoperability, for example, is achieved through bridges that leverage ZK (Zero Knowledge) and MPC (Multiparty Computation) technologies, making it possible to perform transactions between blockchains both private and public. “We are creating an ecosystem where the parts communicate with the whole privately and securely without infringing each country's local laws”, explains Alex Buelau, CPTO and co-founder of Parfin. “Our main objective is to make the Parchain ecosystem become a global standard for the web3 institutional adoption”, concludes the executive.
An ecosystem where all participants benefit
Parchain stands out due to its goal of creating a secure and connected permissioned ecosystem, where each participant that joins brings more value to the whole.
Parchain offers the following benefits to institutions:
- Private blockchains with high scalability and throughput
- Institutional-grade bridges with anti-fraud proof system
- Feeless transactions
- ID verification of all accounts (integrated KYC)
"By launching Parchain, we intend to accelerate the web3 institutional adoption. This ecosystem will also make it possible to enable different use cases for companies, such as asset tokenization, permissioned DeFi, settlement networks, among others", says Marcos Viriato, CEO and co-founder of Parfin.
Partnership with Santander
Santander, in partnership with Parfin, has recently presented a solution to make real estate and car transactions faster and more secure, by using Parchain to enable direct P2P transactions between buyer and seller. The initiative includes the tokenization (conversion to digital format) of the ownership of goods and can perform the transfer of the ‘Tokenized Real’, the Brazilian retail CBDC, to the seller at the same time as the buyer takes ownership of the goods. This was done as part of the Central Brank of Brazil “Lift Challenge”.
Santander chose Parchain due to the unique benefits that the system can deliver. Parchain is used in the process of digitizing the ownership of assets and the operations for the transfer of ownership in exchange for digital currency (Delivery versus Payment, or DvP).
