Bradesco, one of Brazil’s largest banks, launches tokenized credit notes in Blockchain Pilot – Finance Bitcoin News

Bradesco, one of the largest banks in Brazil and the third largest in all of Latam, has entered the cryptocurrency world by issuing its first tokenized credit notes. The operation, carried out in cooperation with Bolsa OTC, involved nearly $2 million in bank credit notes, which were also distributed by Bradesco.

Bradesco Launches Asset Tokenization Program

Bradesco, one of the largest banks in Brazil and Latam, has entered the crypto era, and is one of the first institutions to utilize blockchain technology in its operations in Brazil. On January 13, 2023, the bank announced that it had tokenized the first batch of bank credit notes, valued at nearly $2 million, as part of a pilot program to test the functionality of these technologies.

The operation, which Bradesco claims is the first monitored and approved by the central bank in the country, was carried out in collaboration with Bolsa OTC and using a regulatory sandbox that allows financial institutions to carry out this type of test using new technology.

On the significance of this, Edson Moreto, CEO of Bradesco, 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.

The Asset Tokenization Business

Asset tokenization, the process of representing real assets in blockchains, is considered by some analysts as the next step in market technology. The technology could become a trend for negotiations in financial markets 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 currently experimenting with tokenization and tokenized assets. The first to do so was Itau Unibanco, which conducted a series of tokenization tests and issued assets to employees and customers of the bank back in July.

At the time, Itau also announced the creation of its own tokenization unit, which would be focused on providing tokenization services to customers, allowing them to tokenize and sell those assets using a platform built and controlled by the bank.

According to local sources, several banks will also include tokenization as part of 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 panorama of compliance issues to offer these tokenization services.

What do you think about asset tokenization and the test conducted by Bradesco in Brazil? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price spike occurred during December 2017. He has a computer engineering background, lives in Venezuela and is influenced by the cryptocurrency boom on a social level, offering a different point of view on crypto success and how it helps the unbanked and underserved.

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