Bradesco, One of Brazil"s Largest Banks, Launches Tokenized Credit Notes in Blockchain Pilot
Bradesco, one of the largest banks in Brazil and the third biggest in all of Latam, has entered the cryptocurrency world by issuing its first tokenized credit notes. The operation, carried out in partnership with Bolsa OTC, tokenized almost $2 million in bank credit notes, which were also distributed by Bradesco. Bradesco Launches Asset Tokenization Program
Bradesco, one of the biggest banks in Brazil and Latam, has entered the crypto era, being one of the first institutions that harness blockchain tech in its operations in Brazil. The bank announced on Jan. 13, 2023, that it had tokenized the first batch of bank credit notes, valued at almost $2 million, as part of a pilot program to test the functionality of these technologies.
The operation, which Bradesco claims is the first one supervised and approved by the central bank of the country, was carried out in partnership with Bolsa OTC and using a regulatory sandbox that allows financial institutions to make this kind of test using new technologies.
On the significance of this, Edson Moreto, executive director 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-world assets in blockchains, is considered by some analysts the next step in market tech. The technology might become a trend for negotiations in financial markets in the future, with a report issued 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 one to do it was Itau Unibanco, which executed a series of tokenization tests issuing assets to employees and customers of the bank back in July.
At that time, Itau also announced the creation of its own tokenization unit, which would be focused 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 be also including tokenization as part of their services portfolio in the future. Many of these institutions were expecting the approval of the recent cryptocurrency law, sanctioned in December, to have a clear panorama on compliance issues to offer these tokenization services. Tags in this story ADDX, Asset, BCG, Blockchain, Bolsa OTC, bradesco, Brazil, Central Bank of Brazil, Edson Moreto, itau, tokenization
What do you think about asset tokenization and the test carried out 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 rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Samsung"s Asset Management Arm Launches Bitcoin Futures ETF in Hong Kong FINANCE | 3 days ago UK Treasury Considers Digital Pound, Maintains Crypto Hub Objective FINANCE | 5 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleFasttoken, Official Crypto of Fastex, to Launch to the Public on January 18 Next articleBitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Following Recent Highs Show comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework Tony Hawk"s Latest NFTs to Come With Signed Physical Skateboards SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale