- Banco BTG Pactual SA is all set to release their security token named “ReitBZ.”
- The security token offering (STO) will be conducted via the Gemini Trust Exchange.
Latin America’s biggest standalone investment bank, Banco BTG Pactual SA, is all set to release their security token, following in the footsteps of JP Morgan. The token, named “ReitBZ,” will be backed by distressed real estate assets in Brazil, as revealed by the bank’s CTP, Gustavo Roxo. BTG plans to raise $15 million through a security token offering (STO) to finance this plan.
BTG will be using the Gemini Trust Exchange, created by the Winklevoss Twins, to conduct a legitimate STO. All investments will be received via Gemini’s stablecoin, Gemini Dollar (GUSD). All investors will need to pass standard now Your Customer (KYC) and Anti-Money Laundering (AML) tests before they can invest. Residents from Brazil and the United States will not be able to invest in the beginning.
Andre Portilho, BTG’s partner and one of the people responsible for the initiative said:
“We knew we needed to dominate this technology, so we started experimenting with it a few years back. We thought Bitcoin and other currencies were turning too volatile, but we saw an opportunity with this token to try something new — but also with our skin in the game.”
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