BWB Digital Assets — Stellar Submission (Reviewed v11)
Products & Services
BWB Digital Assets is a regulated investment infrastructure and distribution platform operating in Brazil since 2023. It connects real estate issuers, qualified investors, and distribution partners through private offering administration, investor eligibility, allocation controls, investment processing, and commission reconciliation.
BWB has completed six offerings totaling more than R$12 million with zero defaults. The platform supports 19 registered institutional issuers, more than 50 qualified investors, and eight active distribution offices. Its commercial pipeline includes more than 50 additional distribution partners, over 1,000 potential real estate investment agents, and approximately US$800 million in real estate opportunities.
This project adds Stellar as a first-class financial rail within BWB through Privy, Abroad, DeFindex, and Blend v2. The resulting product will support embedded wallets, KYC/KYB, BRL funding, regulated private offerings, distribution, commissions, yield, and lending through a shared Stellar integration layer.
Why Stellar
Stellar is expanding its role in institutional asset tokenization. DTC's tokenization service plans to connect to Stellar, with eligible DTC-tokenized assets expected on the network in the first half of 2027. DTCC Case Study.
Stellar also provides the programmable infrastructure and Integration Track building blocks required for BWB's next product layer. DeFindex supplies reusable vault infrastructure, while Blend v2 supplies lending markets that can be integrated alongside regulated real estate offerings without combining their balances, disclosures, or performance.
Current Products and Services
BWB currently provides:
•Private real estate offering administration.
•Investor onboarding, qualification, and eligibility management.
•Investment allocation and processing.
•Issuer, investor, distributor, and operations dashboards.
•Distribution management across offices and members.
•Referral attribution and commission reconciliation.
•Document and electronic signature workflows.
•Investment, ownership, and income distribution records.
What This Project Adds
Embedded Stellar Wallets with Privy
Privy will provide authentication and embedded Stellar wallets inside the BWB application. The integration will support Stellar account creation, transaction authorization, balances, and transaction history without BWB receiving or storing investor private keys.
Regulated Private Offerings on Soroban
Soroban contracts will enforce offering eligibility, investor allocation limits, pauses, cooling-off periods, cancellations, and refunds. Personal information and KYC/KYB documents will remain off-chain. Contracts will emit auditable events for allocations, investments, cancellations, refunds, and settlement.
Distribution Attribution and Commissioning
Stellar transactions and Soroban events will feed BWB's attribution and commission ledgers. Confirmed investments will be associated with the correct offering, distributor, office, and member through deterministic, versioned rules. Private referral links will preserve attribution without exposing investor identities on-chain.
KYC/KYB and BRL Ramp with Abroad
Abroad will provide investor and business verification and BRL entry and exit flows. Verification states will control access to offerings and financial products. BWB will coordinate eligibility, authorization, transaction status, and reconciliation without receiving investor funds.
The integration will cover authenticated callbacks, idempotency, failed transactions, retries, refunds, and reconciliation between BRL operations and their final Stellar state.
Yield Strategies with DeFindex
DeFindex will provide the vault and strategy integration layer. Eligible users will review strategy information, authorize deposits, monitor positions, and request withdrawals through BWB. An eligible operating partner will define and operate the applicable vault parameters.
Lending with Blend v2
Blend v2 will provide user-authorized supply and borrowing flows. BWB will display collateral, liabilities, interest, utilization, and protocol risks separately from real estate offerings.
Unified Stellar Investment Experience
A user will:
1.Access an embedded Stellar wallet through Privy.
2.Complete KYC/KYB and BRL funding through Abroad.
3.Receive product eligibility based on verified compliance states.
4.Invest in a Soroban-controlled private offering.
5.Access approved DeFindex and Blend v2 products.
6.Authorize each transaction directly.
7.Track investments, income, yield, liabilities, and transaction status through BWB.
Real estate income, DeFi yield, and lending positions will maintain separate balances, disclosures, records, and performance reporting.
Reusable Infrastructure
The project will deliver reusable components for:
•Privy-powered Stellar wallets.
•Abroad verification and BRL ramp states.
•Soroban eligibility and allocation contracts.
•Stellar event indexing and reconciliation.
•Distribution attribution and commissions.
•DeFindex vault operations.
•Blend v2 lending positions.
•Operational monitoring and evidence.
The complete target architecture, transaction flows, trust boundaries, and delivery mapping are available at Architecture.
Go-To-Market Plan
Target Audience
•Global investors seeking exposure to Brazilian real estate development.
•Brazilian investors building internationally diversified real estate portfolios.
•Institutional investors seeking accessible opportunities tied to real estate development performance.
Channels
•B2B2C: 16 partner investment firms, including real estate brokerages and independent financial advisors, with a combined reach of more than 200,000 individuals. Brognoli alone reaches approximately 150,000 clients.
•B2C: More than 50 HNW and UHNW investors already onboarded and investing. This base has deployed R$10 million and has capacity for more than R$100 million without additional investors.
•B2B: BWB's first international investor is onboarding for a product targeting a US$3 million allocation across three rounds. BWB has mapped 32 additional multi-family offices with a similar profile.
Strategic Partners and Pilots
•Real estate pipeline: Approximately US$800 million in mapped opportunities.
•Operational infrastructure: Live financial and operational stack with KYC/KYB/AML provider interfaces.
•Legal and governance: In-house legal expertise supported by Bastos, Wackerhagen, Berns & Advogados Associados, independent accounting and financial auditors, and an investor board.
•Developer network: More than 30 registered real estate developers and 22 projects in the 2026 pipeline, including developers in Brazil, Portugal, and the United States.
Success Criteria
•US$4 million in payment volume settled through Stellar smart contracts.
•400 investor wallets connected to the platform.
•Investors acquiring at least two distinct debt or equity assets through BWB.
Requested Budget
Total Award Request: US$150,000 in XLM.
Delivery Capacity
BWB will allocate smart-contract, full-stack, security/DevOps, product, and compliance capacity to the project. Workstreams will run in parallel under a shared architecture, with integration dependencies converging in Tranche 2 and production ownership activated in Tranche 3.
Traction Evidence
BWB Digital Assets has operated its regulated real estate investment platform since 2023. It has completed six offerings, raised more than R$12 million, and recorded zero defaults. Completed offerings include ARTP-HS at R$2.5 million, HAUS-06 at R$1.18 million, and ARTP-DT at R$1.5 million.
The platform has 19 registered institutional issuers and more than 50 qualified high-net-worth investors. The investor base has an average ticket of approximately US$50,000 and includes four prominent entrepreneurial families and one international multi-family office relationship.
BWB operates with eight active distribution offices within a broader network of 16 partner investment firms. Its pipeline includes more than 50 additional partners and over 1,000 potential real estate investment agents.
The company has structured an approximately US$800 million pipeline across greenfield development, income-generating properties, senior living, and logistics, with planned expansion into Portugal.
Onchain Analytics
•Onchain Analytics — Public dashboard consolidating BWB's on-chain contracts, assets, holders, and transaction activity.
Deployed Offering Contracts
•HAUS-06 Contract — Public contract and transaction history for the HAUS-06 offering.
•ARTP-HS Contract — Public deployment, token, transfer, and transaction records for ARTP-HS.
•ARTP-DT Contract — Public deployment and transaction activity for Artplaces Downtown.
Live Regulated Offerings
•Algarve Home Offering — Presentation of the regulated MLLR-01 Algarve Home offering, available to eligible investors through BWB.
•Ópera Apartments Offering — Presentation of the regulated Ópera Apartments offering, available to eligible investors through BWB.
External Coverage
•Founders Interview — Interview covering BWB's origins, legal foundation, governance model, and investment thesis.
•Company Profile — Editorial coverage of BWB's legal, technological, and investment model.
Stellar Distribution Readiness
The Stellar products will launch into an operating platform, investor base, issuer network, and distribution structure. Algarve Home and Ópera Apartments provide active environments for validating onboarding and distribution workflows before equivalent Stellar components enter production.
Deliverables Specification
Tranche #0: Grant Acceptance & Upfront Kickoff
Tranche Allocation: $15,000 USD — Disbursed Upfront
Milestone: Upfront grant disbursement executed by SCF upon proposal acceptance and administrative onboarding.
Tranche #1: MVP & Core Integration
Tranche Allocation: $30,000 USD
Deliverable 1: Embedded Stellar Wallet and Transaction Foundation
•Description: Integration of multi-chain embedded wallets with multi-factor authentication into the core application, enabling user creation, transaction authorization, balance reporting, transaction history, trustline handling, and fee sponsorship workflows on testnet.
•Scope of Work:
◦Embedded wallet integration supporting non-custodial multi-chain key generation with multi-factor authentication security.
◦Account creation, balance tracking, trustline configuration, and transaction history display in the user interface.
◦Reusable transaction submission layer, duplicate transaction prevention, timeout handling, retry logic, and error handling for rejected signatures.
◦Integration testing, edge-case remediation, and bug resolution across wallet workflows.
•Engineering Allocation: 160 Hours (Blended rate $75/h)
◦Fullstack Engineer: 73h
◦Backend Engineer: 40h
◦QA Engineer: 26h
◦Smart Contract Engineer: 21h
•Budget Allocation: $12,000 USD
•How to Measure Completion:
1.Authenticated user can create or connect an embedded Stellar wallet without private keys stored by the platform.
2.Core platform displays accurate Stellar asset balances and transaction history.
3.Trustline and reserve sponsorship flows complete successfully on testnet.
4.Duplicate submission prevention, timeout, retry, and signature rejection test suites pass.
Deliverable 2: Soroban Regulated Offering Engine
•Description: Implementation and testnet deployment of Soroban smart contracts for private offering eligibility, investor allocation limits, pauses, cooling-off periods, cancellations, and refunds, connecting on-chain states to the core platform.
•Scope of Work:
◦Smart contract development for offering creation, investor eligibility verification, and per-investor and aggregate allocation limits.
◦Contract administrative controls for pausing, unpausing, cancellations, cooling-off periods, and automated refunds.
◦On-chain event emission for state transitions while maintaining all investor personal data off-chain.
◦Automated test suite execution, boundary condition remediation, idempotency validation, and bug resolution.
•Engineering Allocation: 240 Hours (Blended rate $75/h)
◦Smart Contract Engineer: 100h
◦Fullstack Engineer: 56h
◦Backend Engineer: 54h
◦QA Engineer: 30h
•Budget Allocation: $18,000 USD
•How to Measure Completion:
1.Offering contracts deployed on testnet with verified eligibility and allocation enforcement.
2.Pause, unpause, cancellation, cooling-off, and refund controls tested and operating as specified.
3.All state transitions emit indexable events without storing personally identifiable information on-chain.
4.Integration test suite passing for authorization, boundary, pause, refund, and idempotency scenarios.
Tranche #2: Testnet Expansion & Partner Integrations
Tranche Allocation: $45,000 USD
Deliverable 3: Distribution Attribution and Commissioning Engine
•Description: Integration of Stellar transactions and Soroban contract events into the existing distribution and commission ledgers, implementing deterministic attribution and versioned commission rules by offering, distribution office, and team member.
•Scope of Work:
◦Referral link attribution tracking that preserves originating distributor offices and members without exposing investor identity on-chain.
◦Commission ledger calculation engine supporting approvals, reversals, cancellations, and refunds.
◦Distributor dashboards displaying invested value, units sold, and pending, earned, or reversed commissions.
◦Multi-office attribution validation, reconciliation testing, and defect remediation.
•Engineering Allocation: 140 Hours (Blended rate $75/h)
◦Fullstack Engineer: 56h
◦Backend Engineer: 50h
◦QA Engineer: 20h
◦Smart Contract Engineer: 14h
•Budget Allocation: $10,500 USD
•How to Measure Completion:
1.Private referral links preserve originating distributor and office attribution.
2.Confirmed investments create single, idempotent commission ledger entries.
3.Dashboards display invested value, sold units, and pending, earned, or reversed commissions.
4.Simulated multi-office distribution scenario completes without duplicate attribution or commission entries.
Deliverable 4: Abroad KYC/KYB and BRL Ramp Testnet
•Description: Integration of local payment and identity verification services for investor and business verification, alongside direct BRL entry and exit flows, reconciling fiat operations with final Stellar states.
•Scope of Work:
◦Verification status processing supporting approved, rejected, expired, and manual review states to control platform access.
◦BRL bank transfer deposit and withdrawal flows with authenticated callback processing, double-entry reconciliation ledgers, and automated retry queues.
◦Reconciliation ledger matching fiat payment records with final Stellar transaction states.
◦Integration testing, failure handling for expired/rejected transactions, and defect resolution.
•Engineering Allocation: 200 Hours (Blended rate $75/h)
◦Backend Engineer: 80h
◦Fullstack Engineer: 72h
◦QA Engineer: 32h
◦Smart Contract Engineer: 16h
•Budget Allocation: $15,000 USD
•How to Measure Completion:
1.Identity verification states control platform access to offerings and financial products.
2.BRL deposits and withdrawals reach reconciled terminal states in testnet environment.
3.Failed, expired, rejected, refunded, and retried transactions handled without losing state data.
4.Reconciliation record links BRL fiat transactions with final Stellar states without storing PII on-chain.
Deliverable 5: DeFindex Yield Vaults & Blend v2 Lending Testnet
•Description: Integration of DeFindex strategy vaults and Blend v2 lending pools into a dedicated product interface separated from real estate offerings, supporting user-authorized deposits, withdrawals, lending supply, borrowing, position tracking, and collateral monitoring.
•Scope of Work:
◦Non-custodial yield strategy vault integration enabling user-authorized deposits, position tracking, and withdrawal requests.
◦Blend v2 lending protocol integration supporting user-authorized liquidity supply, collateralized borrowing, interest tracking, and health factor monitoring.
◦User interface displaying collateral, liabilities, interest rates, protocol utilization, and risk disclosures separately from real estate assets.
◦Validation covering snapshot calculations, withdrawal edge cases, collateral health monitoring, and error handling.
•Engineering Allocation: 140 Hours (Blended rate $75/h)
◦Fullstack Engineer: 52h
◦Smart Contract Engineer: 42h
◦Backend Engineer: 28h
◦QA Engineer: 18h
•Budget Allocation: $10,500 USD
•How to Measure Completion:
1.DeFindex vault deposits and withdrawals complete successfully on testnet with position state reconciliation.
2.Blend v2 supply and borrowing flows execute successfully with user-authorized signatures.
3.Application interface displays collateral, liabilities, interest, utilization, and protocol risks separately from real estate assets.
4.Error handling, withdrawal, paused-pool, and reconciliation test suites pass cleanly.
Deliverable 6: STRIDE Threat Model and On-Chain Monitoring Plan
•Description: Development and testnet validation of a threat model and operational monitoring plan covering BWB's Stellar wallets, Soroban offerings, BRL ramp, event indexer, attribution, yield, and lending workflows.
•Scope of Work:
◦System and data-flow model documenting external actors, controlled processes, data stores, sensitive flows, trust boundaries, and the current inventory of monitored testnet contract and account addresses.
◦STRIDE threat register with unique identifiers, affected components, severity, treatment, and residual-risk decisions across privileged actions, investor authorization, callbacks, contract state, and provider dependencies.
◦Traceable monitoring rules mapping each threat to observable on-chain effects, expected baselines, trigger conditions, and off-chain controls where exploitation cannot be detected on-chain.
◦Alert response matrix defining owner, channel, status, escalation, review cadence, address-change control, and guarded pause procedures for critical contract events.
•Engineering Allocation: 120 Hours (Blended rate $75/h)
◦Security/DevOps Engineer: 46h
◦Smart Contract Engineer: 30h
◦Backend Engineer: 24h
◦QA Engineer: 20h
•Budget Allocation: $9,000 USD
•How to Measure Completion:
1.Reviewed data-flow model identifies system components, data stores, trust boundaries, external dependencies, and current testnet addresses.
2.STRIDE register covers all six threat categories with traceable IDs, severity, affected components, treatments, and residual-risk decisions.
3.Every registered threat has at least one tested monitor or a documented off-chain control, with baseline, trigger, address, and response ownership defined.
4.Testnet alert drills verify notification, escalation, critical pause handling, evidence capture, and the procedure for updating monitors after contract or address changes.
Tranche #3: Mainnet Launch & Production Readiness
Tranche Allocation: $60,000 USD
Deliverable 7: Mainnet Regulated Distribution Launch
•Description: Production deployment and administrative initialization of mainnet smart contracts, wallet integrations, event indexing, attribution, commissioning components, and approved monitoring controls connecting investor, issuer, distributor, and settlement journeys.
•Scope of Work:
◦Mainnet smart contract deployment and initialization of offering, whitelist, and distribution contracts.
◦Production activation of approved monitoring rules, critical alert channels, address inventory, and guarded emergency pause procedures defined in Deliverable 6.
◦Multi-office distributor configuration, production user onboarding, and live offering deployment.
◦Operational monitoring, launch support, and rapid resolution of production edge cases or user friction points.
•Engineering Allocation: 320 Hours (Blended rate $75/h)
◦Fullstack Engineer: 130h
◦Backend Engineer: 80h
◦Smart Contract Engineer: 60h
◦QA Engineer: 50h
•Budget Allocation: $24,000 USD
•How to Measure Completion:
1.Production smart contract addresses deployed and publicly verifiable on block explorer.
2.Live regulated real estate offering configured on Stellar Mainnet with active distribution offices.
3.Approved monitoring rules operate with active alert channels mapped to current production contract and wallet addresses.
4.Verified production onboarding and real investment execution through settlement, attribution, and commission reconciliation.
Deliverable 8: Production Hardening and Operational Readiness
•Description: System-wide operational hardening across all Stellar integration workflows, validating behavior under provider outages, timeout scenarios, duplicate events, and paused protocol states.
•Scope of Work:
◦End-to-end integration test execution covering wallet, identity, BRL ramp, offering, yield vault, and lending flows.
◦Idempotency verification for duplicate callbacks, webhooks, and Stellar network events.
◦Operational dashboard setup reporting success rates, transaction latency, and reconciliation status without personal data.
◦Operational readiness checklist verification and defect remediation prior to general availability.
•Engineering Allocation: 280 Hours (Blended rate $75/h)
◦Fullstack Engineer: 105h
◦Backend Engineer: 90h
◦QA Engineer: 55h
◦Smart Contract Engineer: 30h
•Budget Allocation: $21,000 USD
•How to Measure Completion:
1.Automated test suites pass across wallet, identity, BRL, offering, vault, and lending flows.
2.Idempotent processing verified for duplicate webhooks and Stellar network events.
3.Reconciliation system detects and alerts on incomplete or conflicting transaction states.
4.Operational dashboards active reporting success, failure, latency, and reconciliation metrics without personal data.
Deliverable 9: Open-Source Release and Final Verification
•Description: Open-sourcing reusable Soroban smart contracts and Stellar integration adapters, releasing technical documentation, and delivering the final evidence verification package.
•Scope of Work:
◦Open-source repository packaging under an open license with automated continuous integration pipelines.
◦Developer documentation site covering deployment, event indexing, API integration, Privy wallets, Abroad ramps, DeFindex vaults, and Blend v2 lending patterns.
◦Final evidence package mapping all acceptance criteria to verifiable proof, block explorer links, test reports, and video demonstrations.
◦Developer guide review and open-source maintenance setup.
•Engineering Allocation: 200 Hours (Blended rate $75/h)
◦Fullstack Engineer: 70h
◦Backend Engineer: 50h
◦Smart Contract Engineer: 45h
◦QA Engineer: 35h
•Budget Allocation: $15,000 USD
•How to Measure Completion:
1.Reusable smart contracts and integration adapters published under an OSI-approved license.
2.Documentation published covering Privy, Abroad, DeFindex, and Blend v2 integration patterns.
3.Operational dashboard reporting Stellar accounts, investments, and transaction volume.
4.Final evidence package delivered mapping every deliverable criterion to reproducible proof.