Bradesco, one of the largest banks in Brazil, introduces tokenized credits in the blockchain pilot project-Finance

Bradesco, one of the largest banks in Brazil and the third largest in all of Latin America, entered the world of cryptocurrencies by issuing his first tokenized credits. The operation, which was carried out in partnership with Bolsa OTC, symbolized almost $ 2 million in bank credit, which were also sold by Bradesco.

Bradesco starts asset tokenization program

Bradesco, one of the largest banks in Brazil and Latin America, entered the crypto era and is one of the first institutions to use blockchain technology in its companies in Brazil. On January 13, 2023, the bank announced that it converted the first batch of bank criminals worth almost $ 2 million as part of a pilot program to test the functionality of these technologies in tokens.

The operation, from which Bradesco claims that it is the first to be monitored and approved by the country's central bank, was carried out in partnership with Bolsa OTC and using a regulatory sandbox that enables financial institutions to carry out these types of tests with new technologies.

On the importance of this fact, Edon Moreto, Executive Director of Bradesco,

We continue to work and test the advantages of blockchain technology using your Inovabra innovation ecosystem so that our customers are made available to our customers.

The tokenization of assets, the process of presenting real assets in blockchains, is regarded by some analysts as the next step in market technology. In the future, the technology could become a trend for negotiations on the financial markets, with a Test report published in December from BCG and Addx and forecast that it will become a business possibility of $ 16 trillion by 2030.

Bradesco is the second bank in Brazil, which is currently experimenting with tokenization and tokenized assets. The first to do this was Itau Unibanco, who carried out a number of tokenization tests in July in which assets were spent on the bank's employees and customers.

Back then also itau announced the creation of your own tokenization unit that concentrate on it would offer customers tokenization services that would enable them to tok and sell these assets via a platform created and controlled by the bank.

According to local sources, more banks will also add tokenization to their service portfolio in the future. Many of these institutions expected the adoption of the recent cryptocurrency law sanctioned in December to offer a clear panorama about compliance issues in order to be able 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 comment area below.

Sergio Göschenko

sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game and entered the cryptosphere when the price increase took place in December 2017. He has a background as a computer engineer, lives in Venezuela and is affected by the cryptocurrency boom on a social level. It offers a different perspective on the crypto success and how it helps those who have no bank account and are under-supplied.

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