A major Brazilian banking institution has become the latest member of distributed ledger consortium R3CEV.

Banco Bradesco announced today that it had joined the R3 consortium, becoming the latest of more than 40 participants to join the group of banking institutions worldwide that are collaboratively exploring blockchain and distributed ledger applications.

Founded in 1943, the bank is the third-largest bank in Brazil by total assets, according to data from the nation's central bank.

Bradesco executive vice president Maurício Machado de Minas said in a statement:

"Innovation plays a crucial role at Bradesco and we are committed to better serve our customers and add value to our shareholders. Distributed ledger technologies can help us to achieve these objectives and we are excited about joining R3, so that we can work together and discover the full potential of this new technology."

The news comes days after Toyota Financial Services, the finance arm of automaker Toyota Motor Corporation, announced that it had joined the consortium.

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