Bradesco plans to launch a cryptocurrency custody service to increase adoption and legitimize the market. The bank will offer comprehensive custody across the full cryptocurrency spectrum, including tokens, crypto assets, and stablecoins, in partnership with an undisclosed provider. Bradesco previously moved cautiously and waited for regulatory clarity before entering the crypto business. Internally, the bank built a digital-asset-focused structure and ran two pilots using blockchain solutions. One pilot tokenized user credentials to facilitate know-your-customer procedures for online purchases. Another pilot used stablecoins for foreign trade transactions, improving efficiency. The bank’s move follows its earlier rejection of crypto interest in 2022.
"We are preparing to have a digital asset custody business; we already have a partner who will work with us, providing comprehensive custody for all assets, including tokens, crypto, and stablecoins, Petrovic stated."
"Explaining the slow pace of adoption of these new technologies at Bradesco, Petrovic stated that the bank had waited until the regulation was in place before entering the crypto business. We didn't get ahead of ourselves, but we also didn't fall behind. We've been preparing for this moment of entering the market for a long time, she stressed."
"While Bradesco had not publicly revealed its crypto initiatives, it had been running two pilots implementing blockchain solutions, including a know-your-customer (KYC) project that tokenizes user credentials to facilitate KYC procedures for online purchases. Another initiative implemented the use of stablecoins for foreign trade transactions, resulting in efficiency gains."
"Traditional financial institutions are rushing to provide digital asset-based financial services, seeking to keep up with new technologies and retain their customers. Bradesco, the second-largest bank in Brazil with over 5,300 branches, announced last week that it will enter the cryptocurrency custody business, enlisting an undisclosed partner."
Read at news.bitcoin.com
Unable to calculate read time
Collection
[
|
...
]