08-24-2022 icon

Bradesco Says it’s Not Prepared to Venture Into the Digital Space – Report

By Lucy Adegbe

Bradesco’s chief executive explains that the digital currency market may be “very small” for it to interestingly introduce crypto-related service options to its customers.

The dominance of cryptocurrency and its blockchain technology has kept different financial institutions on their feet to modify their services and keep their customers glued to their crypto options. While this has become a trend, the likes of Bradesco, Brazil’s second-biggest bank, seem not to be inquisitive. 

With over 70 million customers of the financial institution, its chief executive officer Octavio de Lazari Junior has stated that the bank is not at all planning to integrate crypto-friendly options into any of its services.

According to him, the digital market is still undersized, and “cryptocurrencies… are investments that are not tangible and are riskier, with people knowing about the risk they are taking and may want.”

Nonetheless, he clarified that the institution’s current unpreparedness does not affect the likeness for changes in the nearest future. He further urged crypto-interested customers to consider its trading component Agora for all of their cryptocurrency-related activities. 

While the bank assumes that investments that would be pumped into the market may be comparably little, there seem to be a variety of applications that would seem more attractive. One of such is the tokenization of digital properties to ease their exchange processes. 

De Lazari Junior confirmed that the bank is already working on debt instrument tokenization tasks.