Bradesco, one of the largest banks in Brazil, has stated that it has no plans to enter the cryptocurrency market in the near future. In an interview, Bradesco CEO Octavio de Lazari Junior stated that the company is currently not interested in launching crypto services to its customers, considering that the cryptocurrency market will be “very small”.
Bradesco Will Not Offer Crypto Services In The Near Future
While many new banks 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 sidelines. Bradesco, the second largest bank in Brazil and Latin America by assets, with more than 70 million customers, is not yet interested in the cryptocurrency market.
The CEO of Bradesco Octavio de Lazari Junior has published his understanding of cryptocurrency and how he believes these investments will develop in the country. For de Lazari Junior, The cryptocurrency market is still too small, with dangerous characteristics for investors interested in investing in it. About that, he stated:
Cryptocurrencies … are investments that are not tangible and riskier, with people knowing about the risk they are taking and maybe willing. For me, it will be a very small market.
In addition, he stated that while the company has no plans to enter the cryptocurrency market today, in the future, things could change. However, he advised that if any of its clients want to engage in cryptocurrency trading, they may do so through Agora, its investment arm.
Other Pillars of Cryptocurrency
Bradesco’s CEO explained that for the bank this was just one of three key pillars in the world of cryptocurrency. While the executive believes that the resources that people will put in this market will be very small, other applications could be more attractive. One of these is related to asset tokenization, which uses blockchain-validated tokens to represent real assets on the blockchain. The goal is to facilitate the trading of these assets.
On this topic, de Lazari Junior said that the bank is currently engaged in bond tokenization projects. The third pillar in the crypto market is that integrated by central bank digital currencies (CBDC). Brazil is already developing the digital reality pilot, and its model will include the ability for private banks to issue their own stablecoins backed by central bank digital currency deposits.
What do you think of the Bradesco CEO’s views on the cryptocurrency market? Tell us in the comments section below.
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