Bradesco, one of the largest banks in Brazil and the third largest in all of Latam, entered the world of cryptocurrency by issuing its first tokenized credit notes. The operation, carried out in partnership with Bolsa OTC, symbolized nearly 2 million dollars in bank assets, also distributed by Bradesco.
Bradesco launches asset tokenization program
Bradesco, one of the largest banks in Brazil and Latam, has entered the crypto era, being one of the first institutions to leverage blockchain technology in its operations in Brazil. The bank announced on January 13, 2023 that it had tokenized the first batch of bank credit notes, worth nearly $2 million, as part of a pilot program to test the functionality of these technologies. .
The operation, which Bradesco says is the first supervised and approved by the country’s central bank, was carried out in partnership with Bolsa OTC and using a regulatory sandbox that allows financial institutions to do this kind of test in using new technologies.
On the importance of this, Edson Moreto, executive director of Bradesco, declared:
We continue to work and test the benefits of blockchain technology using its innovation ecosystem, Inovabra, to bring new operations to our customers.
Asset tokenization activity
Asset tokenization, the process of representing real-world assets in blockchains, is seen by some analysts as the next step in market technology. The technology could become a trend for financial market trading in the future, with a report released in December by BCG and ADDX predicting it will become a $16 trillion business opportunity by 2030.
Bradesco is the second bank in Brazil that is currently experimenting with tokenization and tokenized assets. The first to do so was Itau Unibanco, which ran a series of tokenization tests by issuing assets to bank employees and customers in July.
At this time, Itau also announced the creation of its own tokenization unit, which would focus on offering tokenization services to customers, allowing them to tokenize and sell these assets using a platform built and controlled by the bank.
According to local sources, more banks will also include tokenization in their service portfolio in the future. Many of these institutions were waiting for the approval of the recent cryptocurrency law, sanctioned in December, to have a clear overview on compliance issues to offer these tokenization services.
What do you think of the tokenization of assets and the test carried out by Bradesco in Brazil? Tell us in the comments section below.
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