Brazil’s second-largest private bank, Bradesco, launched its first tokenized bank credit note, being the first financial market tokenization operation regulated by the country’s central bank. Report by Lucas Gabriel Marins. Translated by andresengler
Bradesco, Brazil's second-largest private bank, launched its first tokenized bank credit note on Friday.
The bank completed the transaction for a total of 10 million Brazilian reals — equivalent to $1.95 million — under a regulatory sandbox run by the Central Bank of Brazil, the company said in a statement, adding that it was the first financial market tokenization operation regulated by that monetary authority.
Other banks have also recently embarked on the Brazilian tokenization market. In December, also as part of the Brazilian Central Bank's sandbox,In July 2022, Itaú Unibanco, Brazil's largest private bank, the launch of its own tokenization platform, Itaú Digital Assets. In addition to tokenization, the firm also provides crypto custody and token as a service products.
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