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, Santander issued 40 million Brazilian reals (US$7.8 million) in tokenized bonds to Indigo, a parking management company.
In July 2022, Itaú Unibanco, Brazil's largest private bank, announced 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 (TaaS) products.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.