Brazil’s largest bank Itaú has partnered with startup OpenAssets for tokenization trials under the umbrella of the Brazilian Financial and Capital Markets Association (ANBIMA). ANBIMA first launched tokenization trials as part of the central bank’s DREX program, although the current iteration of DREX has moved away from tokenization.
While the partnership extends to digital assets, the initial work involves tokenizing the lifecycle of debentures and funds for a proof of concept. Additionally, there will be advisory work on tokenization architecture and compliance frameworks. OpenAssets is backed by Tether and US/Brazilian venture firm Valor Capital, with CEO Gabor Gurbacs also serving as an advisor to Tether’s tokenization platform Hadron. The firm recently launched a pilot with fellow Valor-backed firm, Partior, a tokenized payment firm founded by DBS Bank, J.P. Morgan and Temasek.
Meanwhile, Itaú has a track record in both tokenization and digital assets. The bank first tokenized trade finance receivables in 2022 and ran one of the pilot groups involved in DREX trials. More recently, it is one of the initial 17 banks involved in Swift’s tokenization solution for cross border payments.
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