- The bank has tokenized the first batch of bank credit notes, worth about $2 million.
- The operation was carried out in collaboration with Bolsa OTC.
As one of the first Brazilian organizations to use blockchain technology. Bradesco, a major financial institution in Brazil and Latin America, has joined the cryptocurrency revolution. On January 13, 2023, the bank said that, as part of a pilot study to evaluate the viability of these technologies. It has tokenized the first batch of bank credit notes, worth about $2 million.
Bradesco’s executive director, Edson Moreto, stated:
“We continue to work and test the benefits of blockchain technology using its innovation ecosystem, Inovabra, so that new operations are made available to our customers.”
Future of Financial Technology
Bradesco claims this to be the first operation of its kind in the country to receive approval from the country’s central bank. The operation was carried out in collaboration with Bolsa OTC. And made use of a regulatory sandbox that enables financial institutions to make this kind of test using new technologies.
Moreover, some market watchers see asset tokenization, or the use of blockchains to represent physical assets, as the future of financial technology. According to research published in December by BCG and ADDX. Furthermore, the market for this technology is expected to grow to $16 trillion by 2030. Making it a potential future trend in financial market talks.
Bradesco is the country’s second major financial institution to conduct pilot projects using tokenization and tokenized assets. Moreover, Itau Unibanco was the pioneer, releasing tokens for internal bank assets to staff and customers beginning in July.
Itau also said that it will launch its own tokenization division, which would provide services in this area to its clientele, enabling them to tokenize and sell assets on a platform managed by Itau.
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