BTG Pactual, Brazil’s fifth largest bank, has revealed plans to make use of the Tezos blockchain for security token offerings potentially worth $1 billion.
To achieve this, the bank will be joining forces with Dubai-based asset manager Dalma Capital.
Tezos Network Will Be Used For This
According to a recent press release both banks will adopt the Tezos network for the sale of digital securities to “address a deal pipeline in excess of $1bn for existing and prospective token issuances.”
The companies said:
“Utilizing Tezos, a self-amending blockchain and smart contracts platform will encourage BTG Pactual and Dalma Capital to enhance their digitization efforts, by transacting in digital assets.”
Reportedly, the ReitBZ tokenized property offering announced earlier this year is part of the deal, and it is expected to cover a variety of traditional and alternative investments.
According to the release, since getting introduced early this year, the ReitBZ STO, which uses an ethereum-based token, has launched and passed its soft cap.
Andre Portilho, a BTG partner who heads the STO initiative, also made it known that
Andre Portilho, a BTG partner who heads the STO initiative also commented saying:
“While the bank remains protocol and technology agnostic, and will continue to utilize the Ethereum protocol, we see Tezos as a global player with a robust blockchain for asset tokenization”
Joining the program as a joint bookrunner (or underwriter) for ReitBZ is Dalma Capital. The firm has plans to use Tezos for a number of other asset tokenization projects, from real estate to sports clubs.
This was confirmed in a recent statement made by Zachary Cefaratti, Dalma Capital CEO.
The CEO said:
“We see Tezos as one of the critical protocols for the burgeoning STO market, and look forward to securing future deal flow on the Tezos blockchain,”
Commenting on the recent development,
Tim Draper, CEO and founder of Draper Associates, who happens to also holds some stake in Tezos, said:
“We are excited to see BTG Pactual and Dalma Capital making use of the Tezos blockchain – we are believers in the Tezos project and see a strong use case for security tokens.”
coindoo.com is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.
TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some Satoshi with the exciting new Lightning Network Tippin.me tool!