By releasing its first tokenized credit notes, Bradesco, one of the major banks in Brazil and the third largest in all of Latam, has joined the cryptocurrency space.
Nearly $2 million in bank credit notes were tokenized during the operation, which was run in collaboration with Bolsa OTC and distributed by Bradesco.
As one of the first organizations to use blockchain technology in its operations in Brazil, Bradesco, one of the largest banks in Brazil and Latam, has entered the crypto era.
The first batch of bank credit notes, worth nearly $2 million, were tokenized by the bank on January 13, 2023. This was done as part of a pilot program to test the viability of these technologies.
The operation, which Bradesco claims is the first in the nation to be overseen and approved by the central bank, was conducted in collaboration with Bolsa OTC and with the aid of a regulatory sandbox that permits financial institutions to conduct tests of this nature involving cutting-edge technology.
In order to provide new operations to our clients, we continue to work on and test the advantages of blockchain technology using its innovation environment, Inovabra.
According to a report released in December by BCG and ADDX, the technology will present a $16 trillion market opportunity by 2030, thus it may become a trend for negotiations in the financial markets.
Itau Unibanco was the first to do it, carrying out a series of tokenization tests in which the bank issued assets to its staff members and clients back in July.
The establishment of Itau’s own tokenization business, which would be focused on providing tokenization services to customers and enabling them to tokenize and sell these assets utilizing a platform created and managed by the bank, was also announced at that time.
Many of these institutions had hoped that the recent cryptocurrency law, which was approved in December, would provide a clearer picture of the compliance requirements for providing these tokenization services.