BTG Pactual issued ReitBZ token on Tezos blockchain. BTG is the largest standalone investment bank in Latin America. It decided to use Tezos as the underlying technology for future security token offering (STO) in July.
The new issuance is the first one to create ReitBZ in a blockchain other than Ethereum. ReitBZ is backed by Brazilian real estate and firstly launched in 2019 on Ethereum blockchain.
ReitzBZ experienced good reach among real estate actors. From May to August 2019, 238 real estate units were acquired using this token. Another 85 units were bought in December 2019. BTG Pactual launched new ReitBZ using Tezos blockchain to provide more liquidity to digital securities.
“We decided to issue ReitBZ in partnership with the Tezos Foundation to test the Tezos blockchain so that we can use the technology to execute more complex future STOs. We are confident that the Tezos solution is technically robust. This issuance enables us to guarantee more resources to invest in ReitBZ moving forward,” said Andre Portilho, BTG’s Partner responsible for the STO initiative.
BTG Pactual has always tried to grow more in the digital asset ecosystem. The new issuance with the help of the Tezos community makes it easier for the Latin bank to reach more costumers. The partnership means a lot for the Tezos community, too.
As more traditional financial institutions use this blockchain as their underlying technology, real-world use cases grow. This means the mainstream population will get to know the community and technologies that can lead to more significant opportunities.
Tezos community is aimed at mass adoption for tokenization. The new partnership with the largest investment bank in Latin America is toward that goal. BTG Pactual has more than 3000 employees with activities in Brazil, Chile, Argentina, Columbia, Peru, Mexico, the US, Portuga, and England.
Hubertus Thonhauser, chairman of the Tezos Foundation Council, said:
“We are thrilled that the firm has chosen to use the Tezos protocol to make this implementation a reality and look forward to BTG’s continued use of Tezos’ cutting-edge technology as it pushes the asset tokenization market towards mass adoption.”