Brazilian Banco Bradesco To Trial New Blockchain Digital Wallet in Sao Paulo

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Brazil’s Banco Bradesco is planning to start trials for a new Blockchain service developed by Brazilian start-up eWally, as it looks to streamline operations and reduce costs.

eWally, discovered via Bradesco’s own innovation programme InovaBRA, will integrate their solution into the bank’s network of “correspondent banks” as part of Bradesco Expresso.

Marcelo Frontini, MD at Scopus IT and part of Bradesco’s innovation department, told the Brazilian media that trials should start by the end of 2016 and will begin in Sao Paulo and will allow customers to withdraw cash, and make payments and deposits.

Bradesco has more than 69 million customers for its banking and insurance services. It was founded in 1943 and has more than 4,500 branches and 63,000 points of service. The bank was the first in Latin America to deploy internet banking solutions and was also the first in Brazil to offer customers mobile banking solutions, biometrics at ATMs, cardless operations and mobile check deposits.

In addition to eWally, Banco Bradesco will trial another Blockchain solution designed by Bit.One (another startup that was accepted into the bank’s InovaBRA 2016 class) for cross-border payments. Bit.one provides users with a set of bitcoin-related products and services. In addition to the payments system, Bit.One also offers a prepaid debit card, a mini ATM machine, and a complete cryptocurrency solution with bitcoin wallet and an exchange platform.

Committed to Blockchain technology, Banco Bradesco is also said to be in talks with Ripple for cross-border payments.

The news comes shortly after the bank joined the Blockchain consortium led by New York-based fintech firm R3, becoming the second financial institution from Brazil to join the world’s largest bank coalition dedicated to Blockchain technology.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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