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Banco Bradesco goes big on blockchain

Brazil’s Banco Bradesco is to pilot a new digital wallet that leverages blockchain technology. The trial, utilising a solution developed by eWally, part of the bank’s FinTech startup initiative InovaBRA, will take place in Paraisopolis, Sao Paulo.

The digital wallet enables mobile payments and money transfers. The eWally solution will be integrated into the bank’s Bradesco Expresso network of over 40,000 local businesses that provide customers with financial services on behalf of the FI. In addition, Banco Bradesco is testing out another blockchain solution designed by Bit.One, also part of the InovaBRA initiative, for cross-border payments.

Banco Bradesco is reported to be in talks with Ripple for cross-border payments. And last month, it said it was joining R3’s distributed ledger technology consortium. Maurício Machado de Minas, Executive Vice President at Bradesco, commented: “Innovation plays a crucial role at Bradesco and we are committed to better serve our customers and add value to our shareholders. Distributed ledger technologies can help us to achieve these objectives and we are excited about joining R3, so that we can work together and discover the full potential of this new technology.”

By Scott Thompson

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