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The largest investment bank in Latin America, Banco BTG Pactual SA, will publish its own blockchain-based security token, Bloomberg announced on February 21st.
The token called "ReitBZ" – which will be supported by distressed real estate badets in Brazil – should allow the bank to provide its real estate activities to international investors at lower costs than those used by traditional means. ReitBZ will be perpetual, with an initial offer period of about 90 days, while the proceeds will be reinvested in the troubled portfolio.
Andre Portilho, a BTG partner in charge of the project, was quoted as saying that the bank had started exploring cryptocurrency technology several years ago, and said: "We thought Bitcoin (BTC) and others currencies were becoming too volatile, token to try something new – but also with our skin in the game. "The bank expects to raise $ 15 million through an initial offer of parts (ICO).
Investors will be able to purchase ReitBZ via a special platform using the Gemini Dollar (GUSD) Stablecoin or Ethereum (ETH). The bank said investors would "receive periodic dividends from the recovery of distressed badets, which would be handled by a BTG company called Enforce". Investments will not be covered.
In September 2018, Grupo XP, the largest brokerage firm in Brazil, announced its intention to enter the crypto space by launching an exchange of Bitcoin and Ethereum called XDEX. According to Guilherme Benchimol, CEO of Grupo XP, the popularity of cryptocurrency among investors has pushed the company into the cryptography industry. Three million Brazilians "are exposed" to Bitcoin, against only 600,000 who invest in the stock market.
Earlier in the day, Japanese banking giant Mizuho Financial Group announced that it would launch its own account for payments and remittances on March 1. This coin would apparently be managed by a dedicated mobile application, J-Coin Pay, using QR codes full retail payments, as well as set at a price of 1 yen (~ $ 0.01) per unit.
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