Latin America Largest Investment Bank To Launch Security Token

Banco BTG Pactual Security Token

Brazil-based Banco BTG Pactual SA has revealed its plans to release а security token, which could be purchased with Gemini Dollars or Ethereum.

Latin America’s biggest investment bank Banco BTG Pactual SA is releasing its own blockchain-based security token, Bloomberg reported on Feb. 21.

The token called “ReitBZ”, which will be backed by distressed property assets in Brazil, will supposedly allow the bank to provide its property company to global investors at lower costs than with conventional means. ReitBZ will be continuous, with the initial offering duration of around 90 days, while proceeds will be reinvested in the distressed portfolio.

Andre Portilho, BTG’s partner responsible for the project, supposedly said that the bank began checking out the technology behind cryptocurrency a number of years ago, and stated that “we thought Bitcoin (BTC) and other currencies were turning too unpredictable, however we saw a chance with this token to try something brand-new, however, likewise to have our skin in the game.” The bank reportedly expects to raise $15 million through an initial coin offering (ICO).

Banco BTG Pactual SA To Launch Token

Financiers will supposedly be able to buy ReitBZ via an unique platform by using the Gemini Dollar (GUSD) stablecoin or Ethereum (ETH). The bank reportedly specified that financiers will “receive periodical dividends from the healing of the distressed assets, which will be managed by a BTG-owned business called Enforce.” The financial investments will not be hedged.

In September 2018, the largest brokerage in Brazil, Grupo XP, revealed its plans to enter the crypto space by releasing an exchange for Bitcoin and Ethereum called XDEX. Grupo XP CEO Guilherme Benchimol reportedly said that the company was pressed into the crypto service by the popularity of cryptocurrencies among financiers. 3 million Brazilians “have direct exposure” to Bitcoin, compared to just 600,000 that purchase the stock exchange.

Earlier today, Japan’s banking giant Mizuho Financial Group revealed that it will release its own stablecoin for payments and remittance services on March 1. The coin will supposedly be handled by a devoted mobile app, dubbed J-Coin Pay, using QR codes at checkout to complete retail payments, in addition, it will be fixed at a price of 1 yen (~$0.01) per unit.

Subscribe To CryptoScoop News

Sign Up To The Latest Crypto & Blockchain News
Informed Analysis And Opinions On What Matters To You.
Invalid email address
We promise not to spam you. You can unsubscribe at any time.