Brazil’s Bradesco Bank joins R3 consortium

Rage Comment : This month, Bradesco Bank, which ranks third in Brazil in terms of total net assets after Toyota Finance, announced that it has joined the R3 blockchain alliance and become its latest member institution. Bradesco is a bank with a long history in Brazil and a representative of traditional banks. Its joining is a good proof of the advantages of blockchain technology and is in line with the current global technology trend.

Translation: Annie_Xu

A major Brazilian banking institution has become the latest member of distributed ledger consortium R3CEV.

Brazil’s Banco Bradesco announced yesterday that it has joined the R3 consortium, becoming one of more than 40 global banks jointly exploring blockchain and distributed ledgers.

The bank was founded in 1943. According to the Central Bank of Brazil, its total net assets rank third in Brazil.

Maurício Machado de Minas

Maurício Machado de Minas, Executive Vice President of the Bank, said:

“Innovation plays a key role at Bradesco and our commitment to better serve our customers and create value for our shareholders. Distributed ledger technology can help us achieve these goals, and we are delighted to join R3 so that together we can explore the full potential of this new technology.”

The announcement comes just days after Toyota Financial Services, the financial arm of Toyota Motor Corporation, announced it had joined R3.