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Brazil’s BTG Pactual Selling $1 Billion in STOs Using Tezos Blockchain

by firstcryptonews
July 12, 2019
in Industry
Brazil’s BTG Pactual Selling $1 Billion in STOs Using Tezos Blockchain

The Tezos Foundation announced signing a $1 billion deal with South America’s largest standalone investment bank, Banco BTG Pactual, and the Dubai asset management firm Dalma Capital to use Tezos blockchain for Security Token Offerings (STOs).

The Tezos Foundation announced signing of a $1 billion deal with South America’s largest standalone investment bank, Banco BTG Pactual, and the Dubai asset management firm Dalma Capital.

As per press release, Banco BTG Pactual together with Dalma Capital, are planning to utilize the Tezos blockchain for Security Token Offerings (STOs), including the ongoing REITBZ STO. The goal is to utilize Tezos to tokenize a wide variety of both traditional and alternative investments.

Since the announcement earlier this year, the ReitBZ STO, which uses an Ethereum-based token, has launched and passed its soft cap.

One of the early Tezos’s investors, Tim Draper said that he appreciates the new collaboration and the subsequent initiative adding that Tezos has a “strong use case for security tokens.” The members of Tezos community have also said that they are being concerned over an alleged upcoming hard fork of its blockchain.

As of press time, Tezos (XTZ) is ranked 21st largest cryptocurrency by market cap with around $830 million. Huobi Group announced a joint initiative on July 1, in order to develop a new public blockchain for decentralized financial (DeFi) services, expecting it to host STOs, as well the other means of asset issuance.

Zachary Cefaratti, CEO of Dalma Capital, added that with blockchain technology now becoming a reality globally, they are delighted to be working with the Tezos Foundation and Tocqueville Group teams, whose technical expertise complements our investment banking and asset management credentials.

Last month the company announced Roman Schnider, co-creator of PricewaterhouseCoopers Switzerland’s blockchain initiative, to inherit Eelco Fiole as Chief Financial Officer.

Schnider will begin his work at the new position in the Zug based firm this summer 2019, six months after investment executive and adjunct professor of financial ethics Fiole filled the position. Fiole was hired during a period of executive expansion, which Tezos Foundation President Ryan Jesperson called at the time, “an important step forward by strengthening its internal expertise and capabilities.”

Brazil’s weak economic growth and inflation led to more than 13 million Brazilians currently out of work with the unemployment rate of 12.5%. Regulators are exploring cryptocurrency regulations, and the Central Bank of Brazil (BCB), the Securities and Exchange Commission (CVM), the Superintendent of Private Insurance (SUSEP) and the Ministry of Economy’s Special Secretariat for Finance are working to digitize the financial, capital and insurance sectors of Brazil by integrating blockchain technology.

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NYDIG, a leading bitcoin financial services firm, has announced that it will welcome the CFO of Bridgewater Associates John Dalby to its team. Dalby joins NYDIG as the new Chief Financial Officer (CFO) in what represents one of the biggest personnel shifts from the mainstream financial industry to the crypto world.  Contributing to the Greater Good  The new CFO held a similar position at Bridgewater Associates, the world’s largest hedge fund, before his appointment to NYDIG. Dalby said that he is delighted to join the team and was committed to helping NYDIG deliver innovative Bitcoin solutions to individuals and institutions.  The former CFO of Bridgewater Associates joins NYDIG during a period of rapid growth. The leading provider of investment solutions for BTC recently raised over $200M in additional capital from a group of strategic partners. The funds came from top institutions such as Morgan Stanley, MassMutual, New York Life, Liberty Mutual, Stone Ridge Holdings Group, and more.  NYDIG also launched a global Insurance Solutions practice that will spearhead the development of bitcoin-powered products and services for the global insurance sector. According to Robert Gutmann, Co-founder of NYDIG, Mr. Dalby brings deep financial services experience to help the crypto custody firm build institutional solutions that deliver BTC safely to everyone.  NYDIG to Help US Banks Offer Bitcoin In what has been viewed by many crypto enthusiasts as another step toward crypto’s mainstream adoption, NYDIG has unveiled an industry-first bitcoin solution for banks.  Rolled out in partnership with fintech giant Fidelity National Information Services, the new product will enable clients of some U.S. banks to buy, hold and sell BTC via their existing accounts.  According to Patrick Sells, head of bank solutions at NYDIG, hundreds of smaller US banks have already agreed to participate in the program. The firm is now engaging some of the leading U.S. banks to join in and enable ordinary Americans to get access to BTC through their existing bank relationships.  Until now, many BTC adopters have been forced to go outside of their traditional banking relationships to acquire the benchmark cryptocurrency.   The vast majority of traditional banks have steered clear of offering bitcoin to their retail customers. Therefore investors often rely on crypto-centric companies like Coinbase or payment giants such as Square and PayPal to purchase bitcoin.  The revolutionary solution from NYDIG will facilitate banks to offer crypto assets to their retail banking clients via a seamless, easy-to-use digital experience.  More Banks Are Asking For Bitcoin Top Wall Street banks only recently warmed up to crypto and unveiled plans to allow their wealth management clients bet on bitcoin. However, they have so far refrained from offering the service to retail customers.  Nevertheless, more traditional banks are now asking for bitcoin as demand for the asset mounts from retail banking customers.  According to Yan Zhao, president of NYDIG, these banks are under increasing pressure to offer BTC to their clients as its reputation as a store of value continues to grow.  “This is not just the banks thinking that their clients want bitcoin, they’re saying `We need to do this, because we see the data.’ They’re seeing deposits going to the Coinbases and Galaxies and Krakens of the world,” Zhao noted.  The NYDIG head predicts that giant banking institutions could soon face pressure to offer bitcoin to more clients as smaller banks roll out their own crypto services.

NYDIG, a leading bitcoin financial services firm, has announced that it will welcome the CFO of Bridgewater Associates John Dalby to its team. Dalby joins NYDIG as the new Chief Financial Officer (CFO) in what represents one of the biggest personnel shifts from the mainstream financial industry to the crypto world. Contributing to the Greater Good The new CFO held a similar position at Bridgewater Associates, the world’s largest hedge fund, before his appointment to NYDIG. Dalby said that he is delighted to join the team and was committed to helping NYDIG deliver innovative Bitcoin solutions to individuals and institutions. The former CFO of Bridgewater Associates joins NYDIG during a period of rapid growth. The leading provider of investment solutions for BTC recently raised over $200M in additional capital from a group of strategic partners. The funds came from top institutions such as Morgan Stanley, MassMutual, New York Life, Liberty Mutual, Stone Ridge Holdings Group, and more. NYDIG also launched a global Insurance Solutions practice that will spearhead the development of bitcoin-powered products and services for the global insurance sector. According to Robert Gutmann, Co-founder of NYDIG, Mr. Dalby brings deep financial services experience to help the crypto custody firm build institutional solutions that deliver BTC safely to everyone. NYDIG to Help US Banks Offer Bitcoin In what has been viewed by many crypto enthusiasts as another step toward crypto’s mainstream adoption, NYDIG has unveiled an industry-first bitcoin solution for banks. Rolled out in partnership with fintech giant Fidelity National Information Services, the new product will enable clients of some U.S. banks to buy, hold and sell BTC via their existing accounts. According to Patrick Sells, head of bank solutions at NYDIG, hundreds of smaller US banks have already agreed to participate in the program. The firm is now engaging some of the leading U.S. banks to join in and enable ordinary Americans to get access to BTC through their existing bank relationships. Until now, many BTC adopters have been forced to go outside of their traditional banking relationships to acquire the benchmark cryptocurrency. The vast majority of traditional banks have steered clear of offering bitcoin to their retail customers. Therefore investors often rely on crypto-centric companies like Coinbase or payment giants such as Square and PayPal to purchase bitcoin. The revolutionary solution from NYDIG will facilitate banks to offer crypto assets to their retail banking clients via a seamless, easy-to-use digital experience. More Banks Are Asking For Bitcoin Top Wall Street banks only recently warmed up to crypto and unveiled plans to allow their wealth management clients bet on bitcoin. However, they have so far refrained from offering the service to retail customers. Nevertheless, more traditional banks are now asking for bitcoin as demand for the asset mounts from retail banking customers. According to Yan Zhao, president of NYDIG, these banks are under increasing pressure to offer BTC to their clients as its reputation as a store of value continues to grow. “This is not just the banks thinking that their clients want bitcoin, they’re saying `We need to do this, because we see the data.’ They’re seeing deposits going to the Coinbases and Galaxies and Krakens of the world,” Zhao noted. The NYDIG head predicts that giant banking institutions could soon face pressure to offer bitcoin to more clients as smaller banks roll out their own crypto services.

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