BTG Pactual, which is Brazil’s fifth largest bank, plans to utilize the Tezos blockchain for security token offerings most probably worth $1 billion.
For the effort and time, BTG – Brazil’s major standalone investment bank – will certainly team with Dubai-based asset manager Dalma Capital.
In a press release published on Wednesday, the two organizations claimed that they would use the Tezos network for the sale of digital securities to “address a deal pipeline more than $1bn for present and prospective token issuances .”
The deals incorporate the ReitBZ tokenized property offering announced in February, and would therefore include various traditional and alternative investments, they mentioned.
The firms states that “Utilizing Tezos, a self-amending blockchain and also the smart contracts platform will certainly promote BTG Pactual and Dalma Capital to improve their digitization efforts, by making their transactions in digital assets .”
Since the announcement earlier this year, the ReitBZ STO, which utilizes an ethereum-based token, has announced and passed its soft cap, as per the report released earlier.
“While the bank stays protocol and technology agnostic will continue to utilize the Ethereum protocol, we see Tezos as a global player with a robust blockchain for asset tokenization” stated Andre Portilho, a BTG partner who heads the STO initiative.
Dalma Capital has joined the effort as joint bookrunner (or underwriter) for ReitBZ, and further expects to use Tezos for a number of other asset tokenization projects, from real estate to sports clubs. “We see Tezos as one of the critical protocols for the burgeoning STO market, and look ahead to securing future deal flow on the Tezos blockchain,” stated Zachary Cefaratti, Dalma Capital CEO.
Tim Draper, CEO and founder of Draper Associates, which holds a stake in Tezos, said “We are enthusiastic to see BTG Pactual and Dalma Capital making use of the Tezos blockchain – we are believers in the Tezos project as well as notice a strong use case for security tokens .”