BTG Pactual Plans $1 Billion in Gross Sales onto The Tezos Blockchain

BTG Pactual plans to move its security token offerings, a pipeline of over $1 billion in gross sales, onto the Tezos blockchain. The announcement appeared in a joint press release printed on Tezos Foundation’s web site on July 3.

The brand new initiative is a collaboration between BTG Pactual and Dubai-based mostly asset manager Dalma Capital, who plan to tokenize numerous traditional assets utilizing the Tezos blockchain and smart contracts platform.

Following the announcement, Dalma Capital is planning to make use of the Tezos blockchain for digitizing property in many industries, together with actual estate, equity, lending, in addition to global sports clubs. In the meantime, BTG Pactual intends to boost its expertise in tokenization, which includes the continuing ReitBZ (RBZ) STO, based mostly on Ethereum (ETH) blockchain.

BTG Pactual’s ReitBZ token is backed by distressed real property in Brazil and goals to allow the bank to offer actual property providers to worldwide traders at decrease prices than conventional methods.

Andre Portilho, BTG’s Partner responsible for the STO project, stated that the bank would proceed to make use of the Ethereum protocol, whereas it additionally sees Tezos as a “global player with a sturdy blockchain for asset tokenization.”

Tim Draper, an early Tezos investor, and known bitcoin (BTC) bull inspired BTG Pactual and Dalma Capital’s new initiative within the press launch, expressing confidence that Tezos has a “strong use case for security tokens.”

Just lately, members of the community around Tezos have expressed concerns over an alleged upcoming hard fork of its blockchain. At press time, Tezos (XTZ) is ranked 21st most significant cryptocurrency by market cap, which is around $830 million, in keeping with Coin360.

On July 1, Huobi Group announced a joint initiative to develop a brand new public blockchain for decentralized financial (DeFi) providers, anticipating it to host STOs, as nicely a different means of asset issuance.