Bradesco Announces First Tokenised Credit Note

The first tokenised bank credit note has been released by Bradesco, the second-largest private bank in Brazil, setting a new and defining record in the nation’s banking industry.

The Central Bank of Brazil’s regulatory sandbox was used by the bank to conduct the transaction, which cost a total of 10 million Brazilian reals ($1.95 million) and was the first financial market tokenisation activity under their supervision, the business stated in a statement.

Recently, several banks have entered the Brazilian tokenization industry. Santander issued tokenized bonds to Indigo, a parking management company, in December for 40 million Brazilian reals (about $7.8 million) as a part of the Brazilian Central Bank’s sandbox.

The largest private bank in Brazil, Ita Unibanco, announced the opening of Ita Digital Assets, its own tokenisation platform, in July 2022. The company offers crypto custody services and token as a service (TaaS) products in addition to tokenisation.