Banco Bradesco joins the R3 consortium

Brazil's Banco Bradesco is joining the R3 consortium, which is aiming to provide distributed ledger technology to global financial markets. Bradseco, along with more than 50 other large financial institutions, will work with R3's blockchain experts to work on a range of issues including security, identity, privacy and also integration with legacy systems in the financial sector. Toyota Financial Services also recently joined R3, looking to blockchain for increased efficiency and greater transparency in auto finance.

Banco Bradesco, one of the largest banking and financial services companies in Brazil, has joined the R3 consortium, which aims to design and apply distributed and shared ledger-inspired technologies to global financial markets.



Bradesco will join more than 50 of the world’s largest financial institutions and R3’s team of blockchain and cryptocurrency experts to help advance this type of technology to meet the requirements for identity, privacy, security, scalability, interoperability and integration with legacy systems within the finance sector.



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.”



Bradesco follows Toyota Financial Services who joined R3 last week. Chris Ballinger, chief financial officer and chief global officer of strategic investment at Toyota, said: “Toyota Financial Services is excited to join the R3CEV consortium to advance the use of distributed ledger technology in finance. We believe this technology will ultimately lower costs, increase efficiency and make auto finance more transparent for our customers.”

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