The largest investment bank in Latin America, Bank BTG Pactual SA, releases its own blockchain-based security token ReitBZ, according to some sources.
ReitBZ will provide real estate business to international investors
The token dubbed ‘ReitBZ,’ which is going to be backed by distressed real estate assets in Brazil is going to enable the bank to provide its real estate business to international investors at lower costs than with some traditional means.
ReitBZ is going to be perpetual, with the initial offering period of almost 90 days, while proceeds are going to be reinvested in the distressed portfolio.
The partner responsible for the project of BTG, Andre Portilho, said that the bank started exploring the technology which stands behind the crypto a few years ago. He also mentioned that they believed Bitcoin or BTC, as well as some other currencies, were turning too volatile, but we saw a chance with this token to offer something new. The bank expects to raise $15 million through an Initial Coin Offering or ICO.
Grupo XP will enter the crypto space launching its exchange XDEX
Investors are going to have the ability to buy ReitBZ by a special platform by the use of the Gemini Dollar or GUSD stablecoin or Ethereum or ETH.
The bank specified that investors are going to receive periodical dividends from the recovery of the distressed assets, which is going to be handled by a BTG-owned company, called Enforce. The investment is going to be hedged.
In September of last year, the largest brokerage in Brazil, Grupo XP, has announced its plans to enter the crypto space with the launch of exchange for BTC and ETH called XDEX. The CEO of Grupo XRP, named Guilherme Benchimol said that the company was pushed into the crypto business by the popularity of crypto among the investors.
3 million people in Brazil exposed to BTC
About three million Brazilians are exposed to Bitcoin, in comparison with only 600,000 that invest in the stock market.
Yesterday, the banking giant of Japan, the Mizuho Financial Group, has revealed that it is going to launch its own stablecoin for payments and remittance services on the 1st of March.
The coin is going to be managed by the dedicated mobile application, dubbed J-Coin Pay, utilizing QR codes at checkout in order to complete retail payments and also fixed for 1 yen or ~$0.01 per unit.