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

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

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. 

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.”

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.

Image Source – Pixabay.com

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