Brazil’s Second-Largest Private Bank Tokenizes A BRL 10 Million Bank Credit Note
Key Points:
- Bradesco, the second largest private bank in Brazil, launched the first tokenized bank credit instrument last Friday.
- Transactions totaling 10 million Brazilian reals were completed under the regulatory sandbox operated by the Brazilian Central Bank.
- According to Bradesco, this was the first financial market tokenization transaction regulated by the central bank. The bank acted as the originator and distributor of the bonds.
According to CoinDesk Brasil, Bradesco, the second largest private bank in Brazil, launched the first tokenized bank credit instrument last Friday.
Transactions totaling 10 million Brazilian reals ($1.95 million) were completed under the regulatory sandbox operated by the Central Bank of Brazil, the bank said in a statement, adding that it was the first such transaction to be regulated by the central bank financial market tokenization operations. The bank acted as the originator and distributor of the bonds.
Tokenize means transforming physical assets or products from the traditional financial market into cryptoassets registered on the blockchain, a kind of digital ledger that serves as the basis for cryptocurrency projects.
“The pilot operation has an innovative character for Bradesco by transforming physical assets or traditional financial products into digital assets,” said Edson Moreto, executive director of Bradesco.
Paulo Oliveira, CEO of Bolsa OTC Brasil, said in a statement that the CCB tokenization “occurs at a decisive moment for the development of the digital asset market in the country and in the world.”
Recently, several banks have entered the country’s tokenization industry. Santander sold 40 million Brazilian reals ($7.8 million) in tokenized bonds to Indigo, a parking management firm, in December, also as a part of the sandbox of the Brazilian Central Bank.
According to previous news, in July 2022, Itaú Unibanco, the country largest private bank, announced the launch of Itaú Digital Assets, its own tokenization platform. In addition to tokenization, the company also offers crypto custody and token-as-a-service (TaaS) products.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
Author
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Brazil’s Second-Largest Private Bank Tokenizes A BRL 10 Million Bank Credit Note
Key Points:
- Bradesco, the second largest private bank in Brazil, launched the first tokenized bank credit instrument last Friday.
- Transactions totaling 10 million Brazilian reals were completed under the regulatory sandbox operated by the Brazilian Central Bank.
- According to Bradesco, this was the first financial market tokenization transaction regulated by the central bank. The bank acted as the originator and distributor of the bonds.
According to CoinDesk Brasil, Bradesco, the second largest private bank in Brazil, launched the first tokenized bank credit instrument last Friday.
Transactions totaling 10 million Brazilian reals ($1.95 million) were completed under the regulatory sandbox operated by the Central Bank of Brazil, the bank said in a statement, adding that it was the first such transaction to be regulated by the central bank financial market tokenization operations. The bank acted as the originator and distributor of the bonds.
Tokenize means transforming physical assets or products from the traditional financial market into cryptoassets registered on the blockchain, a kind of digital ledger that serves as the basis for cryptocurrency projects.
“The pilot operation has an innovative character for Bradesco by transforming physical assets or traditional financial products into digital assets,” said Edson Moreto, executive director of Bradesco.
Paulo Oliveira, CEO of Bolsa OTC Brasil, said in a statement that the CCB tokenization “occurs at a decisive moment for the development of the digital asset market in the country and in the world.”
Recently, several banks have entered the country’s tokenization industry. Santander sold 40 million Brazilian reals ($7.8 million) in tokenized bonds to Indigo, a parking management firm, in December, also as a part of the sandbox of the Brazilian Central Bank.
According to previous news, in July 2022, Itaú Unibanco, the country largest private bank, announced the launch of Itaú Digital Assets, its own tokenization platform. In addition to tokenization, the company also offers crypto custody and token-as-a-service (TaaS) products.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
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