Brazil’s BTG Pactual To Sell $1 Billion In STOs Using Tezos

by | Jul 5, 2019 | Cryptocurrency, Cryptocurrency News

Brazil | Tezos | BTC Pactual | Cryptocurrency |  Dalma Capital

Latin America’s biggest investment bank, BTG Pactual plans to shift its security token offerings (STO), potentially worth $1 Billion onto the Tezos blockchain, as per a joint press release published on Tezos Foundation’s website on July 3.

The shift is a part of a collaboration between BTG Pactual and Dubai-based asset manager Dalma Capital, planning to tokenize a number of traditional assets using the Tezos blockchain and smart contracts platform. 

As per the announcement, Dalma Capital plans to use the Tezos blockchain for digitizing assets in multiple industries such as real estate, equity, lending, as well as global sports clubs. As for BTG Pactual, it intends to boost its expertise in tokenization, including the ongoing ReitBZ (RBZ) STO, based on Ethereum (ETH) blockchain.

Backed by distressed real estate assets in Brazil, the ReitBZ token aims at enabling the bank to provide real estate services to international investors at lower costs than traditional methods. Andre Portilho, BTG’s Partner responsible for the STO project stated that while the bank will continue to employ the Ethereum protocol, it also sees Tezos as a “global player with a robust blockchain for asset tokenization.”

One of the early Tezos investors, Tim Draper appreciated the new collaboration and the subsequent initiative in the press release, stating that Tezos has a “strong use case for security tokens.” The members of the community around Tezos have also expressed concerns over an alleged upcoming hard fork of its blockchain. 

As of press time, Tezos (XTZ) is ranked 21st largest cryptocurrency by market cap with around $830 million, as per Coin360. Huobi Group announced a joint initiative on July 1, in order to develop a new public blockchain for decentralized financial (DeFi) services, expecting it to host STOs, as well the other means of asset issuance.

 Read more: President Maduro Orders Venezuela’s Bank To Start Accepting Petro

Image Source – Pixabay.com

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