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