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BTG Pactual Issues Real Estate Tokens ReitBZ on Tezos Blockchain

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Ingle Jayashree

CBW -External Analyst

INDIA

Aug, 26 2020

Aug, 26 2020

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Banco BTG Pactual, the largest bank in Latin America has announced today the issuance of ReitBZ security token representing an investment in real estate on the Tezos (XTZ) blockchain. Previously ReitBZ had been issued on Ethereum blockchain in March 2019 by the Banco BTG.

BTC Pactual informed that $5 million worth of ReitBZ will be converted to Tezos including $2.5 million new funds raised through fiat money. Previously on Ethereum blockchain, the bank has raised $10 million in Ether and Gemini dollars (GUSD).

The announcement to utilize Tezos for future security token offerings was also done back in 2019.

It is noteworthy that Banco BTG Pactual is the first investment bank in the US which has launched security Token Offerings (STO) in February 2019 and also had disclosed its plans for Tezos.

Since the initial issuance in May 2019, ReitBZ had been used to acquire 238 real estate units in August 2019, and 85 units in December 2019. According to the reports 181 units have been sold so far and the first distribution of profit dividends is scheduled in May 2020.Banco Pactual planning to launch a secondary market for Ritz BZ to provide liquidity for the assets.

Andre Portilho, Head of Digital Assets Initiative at BTG Pactual said :

“We decided to issue ReitBZ in partnership with the Tezos Foundation blockchain so that we can use the technology to execute more complex future STOs. We are confident that the Tezos solution is technically robust and this issuance enables us to guarantee more resources to invest in ReitBZ moving forward.”

Hubertus Thonhauser, Chairman of the Tezos Foundation Council commented that BTG Pactual has been a pioneer in implementing blockchain solutions to tokenize the assets it manages.

He further stated:

"We are thrilled that the firm has chosen to use the Tejas protocol to make this implementation reality and look forward to BTGs continued use of Tezos cutting edge technology as it pushes the asset tokenization market towards mass adoption."

More about Tezos

Tezos is a decentralized public blockchain supported by a Swiss nonprofit organization Tezos Foundation. Tezos keeps on upgrading itself with consistent amendments in protocols.

The protocols on its governance system, consensus algorithm, proof of stake (PoS), facility to verify smart contracts has made it highly popular as long term solution for high-value financial applications such as digital securities.

BTG Pactual

BTG Pactual is the largest major investment bank in Latin America. It largely deals in corporate lending, sales and trading, investment banking, wealth management, and asset management.


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Ingle Jayashree

CBW - External Analyst

INDIA

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