Brazil’s Second Largest Bank Bradesco Not Interested in Crypto, Says It’s Still ‘Very Small’ CryptoGlobe

Brazil’s Second Largest Bank Bradesco Not Interested in Crypto, Says It’s Still ‘Very Small’ CryptoGlobe

Bradesco, one of Brazil’s largest banks, said it has no plans to enter the cryptocurrency market in the near future. In an interview, Bradesco CEO Octavio de Lazari Junior said that the company is not currently interested in launching crypto services to its customers, given that the cryptocurrency market will be “very small “.

Bradesco will not offer cryptocurrency services in the near future

While many neobanks and traditional private banks are launching crypto investment services as part of their portfolio to keep customers using their services, others are still on the fringes. Bradesco, the second largest bank in Brazil and Latam by assets, with over 70 million customers, is still not interested in the cryptocurrency market.

Bradesco CEO Octavio de Lazari Junior has released his views on cryptocurrency and how he thinks these investments will evolve in the country. For de Lazari Junior, the cryptocurrency market is still too small, with dangerous characteristics for investors interested in putting funds into it. On this subject, he declared:

Cryptocurrencies…are investments that are not tangible and are more risky, people know the risk they take and may want. For me, it will be a very small market.

Furthermore, he said that while the company has no plans to enter the cryptocurrency market today, in the future things might change. However, he indicated that if any of his clients wanted to engage in cryptocurrency trading, they could do so through Agora, their investment arm.

Other pillars of cryptocurrency

The CEO of Bradesco explained that, for the bank, it was just one of three key pillars in the cryptocurrency world. While the exec thinks the resources people will put into this market will be very low, other apps might be more appealing. One is asset tokenization, which uses blockchain-validated tokens to represent actual assets on the blockchain. The objective being to facilitate the trading of these assets.

In this regard, de Lazari Junior said that the bank is currently engaging in debenture tokenization projects. The third pillar of the crypto market is that integrated by central bank digital currencies (CBDCs). Brazil is already developing the pilot of a digital reality, and its model to understand the ability for private banks to issue their own stablecoins backed by central bank digital currency deposits.

Keywords in this story

Assets, blockchain technology, Bradesco, CBDC, CDBC, Central Bank of Brazil, Cryptocurrency, cryptocurrency services, debentures, real digital, Octavio by Lazari Junior, tokenization

What do you think of the Bradesco CEO’s perspective on the cryptocurrency market? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game, entering the cryptosphere when the price spike happened in December 2017. Having a background in computer engineering, living in Venezuela and impacted by the cryptocurrency boom at the social, it offers a different point of view. on the success of crypto and how it helps the unbanked and underserved.

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