Brazil’s Bank Itaú Joins R3 Blockchain Consortium
Itaú Unibanco has become the first Latin America-based bank to join blockchain and distributed ledger consortium R3CEV.
São Paulo-based Itaú Unibanco has become the first Latin America-based bank to join blockchain and distributed ledger consortium R3CEV.
In statements, Itaú general director for technology and operations Márcio Schettini said that Itaú joined to contribute to what he called the "international drive" toward building distributed ledger solutions for enterprise finance.
Notably, Itaú is not the only bank in R3 to offer services to Latin America. Group Santander and BBVA, for instance, serve Argentina, Brazil and Mexico, through franchise or subsidiary efforts, while HSBC had more than 60 branches in Latin America as of 2012.
However, the addition comes amid a broader push by R3 to expand its membership beyond traditional banks, and as more regional banks join the growing global effort.
Itau logo via Facebook
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 2024, 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.