The Tezos issuance marks the first non-Ethereum issuance from Latin America's largest investment bank since announcing its move into digital assets
SAO PAULO, May 19, 2020 /PRNewswire/ -- Banco BTG Pactual S.A., Latin America's largest standalone investment bank, announced today that it has officially issued its ReitBZ token on the Tezos blockchain, successfully executing on the firm's July announcement to utilize Tezos for future Security Token Offerings (STOs). This marks the first non-Ethereum issuance of ReitBZ, a digital security backed by Brazilian real estate, which was initially issued on the Ethereum network in May 2019.
Since issuance, ReitBZ has been utilized to acquire 238 real estate units in August 2019 and an additional 85 real estate units in December 2019. 181 of these units have been sold so far, with the first distribution of profit dividends scheduled for May 2020. BTG Pactual expects to launch a secondary market for ReitBZ in coming months to provide further liquidity to the digital securities.
BTG Pactual was the first major investment bank to officially launch an STO, announcing its plans for ReitBZ in February 2019. It has since successfully launched and exceeded the soft cap of the real estate backed token on the Ethereum protocol.
"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, and 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 been a pioneer in implementing blockchain solutions to tokenize the assets it manages," said Hubertus Thonhauser, Chairman of the Tezos Foundation Council. "We are thrilled that the firm has chosen to use the Tezos protocol to make this implementation a reality and loo...