Banco Bradesco, one of the largest banking and financial services firms in Brazil, has partnered with R3, a company focused on developing solutions from blockchain-based technologies.
Banco Bradesco is the latest of more than 40 worldwide participants to join the group of banking firms that are exploring blockchain applications which offer a trading platform to the crypto currency Bitcoin.
In April, R3 partnered with Itaú, the largest private sector bank in Latin America. It was the first Latin American bank to become a member of an international distributed ledger technology consortium.
According to a joint-statement from Banco Bradesco and R3, their partnership will enhance research, experimentation, design and engineering to meet banking requirements for identity, privacy, security, scalability, interoperability and integration with legacy systems.
R3 recently unveiled Corda, a platform designed to record, manage, and synchronize financial agreements between regulated financial institutions. It's purpose is to capture the benefits of blockchain systems without the design choices that make blockchains inappropriate for many banking scenarios.
Maurício Machado de Minas, executive vice president at Bradesco, commented on the partnership: ‘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.’
David Rutter, CEO of R3, also commented: ‘The addition of Bradesco is a further milestone in the global expansion of our consortium. Latin America is an important region for us as we seek to develop distributed and shared ledger-inspired technology that meets the requirements of a diverse network of members operating in financial markets across the globe.’