Second Biggest Brazilian Bank Bradesco Not Interested in Crypto, Alleges It Is Still Very Small – In order to keep customers using their services, many neobanks and conventional private banks are introducing cryptocurrency investing services as part of their portfolio. However, some are still waiting. Even though Bradesco has more than 70 million customers and is the second-largest bank in Brazil and Latam in terms of assets, it is still uninterested in the cryptocurrency market.
Octavio de Lazari Junior, CEO of Bradesco, shared his thoughts on cryptocurrencies and how he expects the market for them to develop in the future. De Lazari Junior believes that the cryptocurrency sector is currently too small and has dangerous qualities for those who are considering investing in it.
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He said this about it:
“Cryptocurrencies are investments that are not tangible and are riskier, with people knowing about the risk they are taking and may want. For me, it will be a very small market.”
In addition, he added that although the business does not currently have any intentions to enter the cryptocurrency sector, that could change in the future. But he suggested that if any of its customers wanted to trade cryptocurrencies, they might do so through Agora, its investment division.
The CEO of Bradesco outlined this as only one of three important cryptocurrency foundations for the bank. Although the CEO believes that there won’t be much investment in this industry, other uses may be more desirable. One of these involves the tokenization of assets, where real assets are represented on the blockchain by tokens that have been blockchain-validated. The goal is to make it easier to exchange these assets.
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Second Biggest Brazilian Bank Bradesco Not Interested in Crypto, Alleges It Is Still Very Small – De Lazari Junior mentioned that the bank is now working on projects including the tokenization of debentures. The integration of central bank digital currencies becomes the third pillar of the cryptocurrency market. Brazil is already working on a pilot for a digital real, and its design will allow private banks to create stablecoins backed by digital currency deposits from central banks.