Bradesco, one of Brazil’s largest banks, launches tokenized credit note in blockchain pilot
According to the report, Bredesco, one of brazil’s bank, said to be one of the largest banks in Brazil and LATAM, has also entered the crypto era, becoming one of the first institutions to use its blockchain technology in Brazil. On January 13, it was announced by the bank that it had issued the first batch of bank credit notes worth approximately $2 million as part of a pilot program to test the functionality of these technologies. a token is given. The operation, which is claimed to be the first to be supervised and approved by the country’s central bank, was apparently carried out in partnership with Bolsa OTC and in addition using a regulatory sandbox that provides financial institutions with the latest technology and Allows such testing to be implemented and successfully demonstrated using innovative models.
On the importance of this, Edson Moretto, the Executive Director of Bradesco, states that they continue to harness and test the benefits of blockchain technologies through the use of their innovation ecosystem, Innovabra, to provide new operations for their customers and be able to achieve success in it. Assets tokenization, of course, is the process of mirroring real-world assets in the blockchain and is considered by some analysts to be the next step in market tech. This technology could emerge as a future trend in how financial markets interact, becoming a $16 trillion trading opportunity by 2030, according to a report released in September by BCG and ADDX. Bradesco is the second bank in Brazil that is currently using tokenization and tokenizing assets and the first one to do so was Itau Unibanco, with two angles issuing assets to bank employees and customers back in July. A series of tests were carried out. At that time it also announced the creation of its own tokenization unit that would focus on offering token services to customers and best serve them based on opportunities created and controlled by the bank. The platform will be used on a permissioned basis to tokenize and sell these assets. Local sources reveal that in future more banks will also include it as part of their service portfolio and with this the institutions were approved in December to have a clear look at the compliance issues for offering tokenized services, and were looking forward to the approval of the recent cryptocurrency law.
