One of Brazil’s largest banks, Bradesco has said it doesn’t intend to get into the cryptocurrency market. In an interview, Bradesco CEO Octavio de Lazari Junior stated that the company was currently not interested in launching crypto services to its customers, considering the cryptocurrency market will be “very small.”
Bradesco Won’t Offer Cryptocurrency Services In Near Future
Many neobanks as well traditional banks have begun to offer crypto investment services in order to retain customers. However, some are not interested. Bradesco is the 2nd largest bank in Brazil and Latam by assets with over 70 million customers. However, they are not keen to enter the crypto market.
Octavio de Lazari Junior, CEO of Bradesco, gave his opinion on cryptocurrency. He also discussed how he thinks these investments will develop in the country. According to de Lazari Junior the crypto market is too small with potentially dangerous properties for those investors looking to put funds into it. De Lazari Junior stated this:
Cryptocurrencies … are investments that are not tangible and are riskier, with people knowing about the risk they are taking and may want. I believe it will only be a small market.
He also stated that although the company does not intend to be in the cryptocurrency market at the moment, it might do so in the near future. He said that Agora is its investment arm and suggested to customers who want to trade cryptocurrency.
The Other Cryptocurrency Pillars
Bradesco’s CEO explained that, for the bank, this was just one of three key pillars in the cryptocurrency world. The executive believes that this market is unlikely to attract large amounts of people. However, there may be other uses that might appeal more. Tokenization of assets is one of them. This uses tokens that are blockchain-validated to identify real assets. This is to make it easier for these assets to be traded.
De Lazari Junior stated that de Lazari Junior is involved in tokenization of debentures. CBDCs, central bank digital currency (CBDCs) are the third pillar within the crypto market. Brazil is currently developing a pilot project for digital reals. It will allow private banks to create their own stablecoins, backed by central banking digital currency deposits.
What do you think about the views Bradesco’s CEO has on the cryptocurrency market? Please leave your comments below.
Image creditShutterstock.com, Pixabay. Wiki Commons. Casa.da.photo.
DisclaimerThis information is provided for educational purposes only. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.