It has just been announced that Banco BTG Pactual SA, South America’s largest investment bank, will be releasing its own tokenized security. The security token will be called ReitBZ and will be backed by real estate assets in Brazil.
Banks have taken greater interest in blockchain technology as of late. With JP Morgan, Fidelity, and others exploring cryptocurrency custody, trading, and even releasing their own tokens, now one major bank can be added to the list of early adopters.
As reported by Bloomberg, Banco BTG Pactual SA has just announced they will be releasing their own tokenized security. The token will be called “ReitBZ.”
STO Soon to Be Announced
ReitBZ will be backed by real estate assets considered “distressed” in Brazil. The goal is to provide these properties with international investments at lower costs with the help of blockchain technology. All holders of the token will receive dividends based on how the distressed assets recover.
It’s an interesting concept, for sure, but should come as no surprise. Andre Portilho, one of the project’s partners, said that the bank began experimenting with blockchain technology years ago. The major bank plans to raise some $15 during their STO.
Investors will be able to purchase ReitBZ tokens wither either Ethereum or the Gemini Dollar, a stablecoin. The bank specified that all dividends for token holders will be handled by Enforce, a company owned by BTG.
Although details are still forthcoming, BTG is not the only major bank looking at blockchain technology with interest. Grupo XP, the largest Brokerage firm in Brazil, is another key player who will be entering the crypto space through the launch of their own exchange called XDEX.
What do you think of BTG’s security token? Are you interested in investing or following the project? Let us know your thoughts in the comments.
Image courtesy of BTG.