The large Brazilian bank Bradesco, which disowned the cryptocurrency market in the summer, is testing the introduction of digital loan products.
Bradesco was one of the first traditional financial institutions to use blockchain in their work. The bank announced that it has tokenized its first batch of $2 million worth of bank credit notes. The amount is not too much, as the company wants to test the functionality of the technology first.
Many of the Brazilian banks waited last year for clarity in cryptocurrency legislation to start offering tokenization services. In December, the country’s president approved a bill that would allow the use of digital assets as a payment method.
Bradesco said their project has been approved by the Brazilian Central Bank. Bolsa OTC also participated in the pilot. The bank reportedly used a regulatory sandbox to risk-free test the technology.
“Now we are actively studying and testing the blockchain, trying to understand its benefits. We are supported by the Inovabra innovation platform. We intend to make the new features available to customers as soon as possible,” said Bradesco CEO Edson Moreto.
Recall that in August, Bradesco CEO Octavio de Lazari Jr. (Octavio de Lazari Junior) said in an interview that neither he nor the bank was interested in the crypto market, since this asset class is dangerous for investors, and the market itself is not large enough.
Source: Bits
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