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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