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Monday, May 10, 2021
Home News Brazilian Banco Bradesco To Trial New Blockchain Digital Wallet in Sao Paulo

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

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.

Richard Kasteleinhttps://www.the-blockchain.com
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, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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