Brazil-based investment bank Banco BTG Pactual expressed intentions to support its blockchain-based token and get funding from the security token offering.
As the company representative commented, the backing will come from the distressed real estate, while the target sum has been set near $15 million. With this offering people will be able to invest in Brazilian real estate, receiving period profits depending on assets performance. Foreign investors can purchase ReitBZ (RBZ) token via a rather efficient structure.
To secure token liquidity, BTG Pactual is also going to launch a secondary market for tokens.
The CEO of BTG Pactual Roberto Sallouti believes that this approach makes the bank a leader in granting access to such assets.
Notably, BTG Pactual has entered into a partnership with Gemini Trust Company run by well-known Winklevoss twins to use its stablecoin called Geminin Dollar backed by USD targeting investment capital as well as the further distribution of the dividends in the Ethereum blockchain.
The token is going to be used in deals for real estate from Rio de Janeiro and Sao Paulo. The bank will reportedly comply with AML and KYC requirements.
It should be mentioned that investments will be closed for the residents from Brazil and the USA along with some other countries.
It was reported earlier that an American investment bank JPMorgan is about to start trials of its own crypto called JPM Coin. The coin is expected to be applied to daily transactions between the clients.