Bradesco (BBDC4) ventured into the cryptocurrency market and on Friday (13) launched its first “token” bank note of credit (CCB), in the amount of R$10 million. The information was released via a press release.
Tokenization means the conversion of physical assets or products from the traditional financial market into encrypted assets recorded in the blockchain, which is a kind of digital ledger that serves as the basis for cryptocurrency projects.
The deal took place, according to the bank, within the framework of the central bank’s regulatory protection environment, an environment in which groups are allowed to test innovative projects in the financial field or the field of payments for a specified period.
According to Bradesco, this was the first BC-regulated financial market token transaction. The company said the project was jointly implemented with Bolsa OTC Brasil. The bank acted as the originator and distributor of the securities.
“The pilot process is innovative for Bradesco, by converting physical assets or traditional financial products into digital assets,” said Edson Moretto, CEO of Bradesco.
Paulo Oliveira, CEO of Bolsa OTC Brasil, said that the CCB token “occurs at a crucial moment for the development of the digital asset market in the country and in the world.”
Continue after the announcement
Other banks have also recently ventured into the tokenization market. In December, Santander (SANB11) issued R$40 million in token bonds to Indigo, a leader in the parking management sector. As in Bradesco’s case, the process took place inside a BC sandbox.
In July last year, Itaú Unibanco (ITUB4) announced the launch of its own coding platform, Itaú Digital Assets. In addition to tokenization, the crypto arm of the banking institution also works with crypto asset custody and “token as a service” (TaaS).