Tezos Announces Partnership With Brazil’s Largest Investment Bank: XTZ Price Spikes 20%
The Tezos Foundation published a press release on its blog yesterday, stating that it signed a $1 billion deal with South America’s largest standalone investment bank Banco BTG Pactual and the Dubai asset management firm Dalma Capital.
Moving from Ethereum to Tezos
In the joint press release, the financial firms announced plans to use the Tezos blockchain for Security Token Offerings (STOs), tokenizing “a wide variety of traditional and alternative investments.”
“Utilizing Tezos, a self-amending blockchain and smart contracts platform will encourage BTG Pactual and Dalma Capital to enhance their digitization efforts, by transacting in digital assets,” the press release reads.
Being the first Brazilian investment bank that has done that, BTG Pactual has launched the Brazilian real estate-backed STO, ReitBZ, in February on top of the Ethereum blockchain.
While the token sale was successful – the project collected $3.3 million from its investors – the South American investment bank decided to move the ReitBZ STO to the Tezos blockchain.
“While the bank remains protocol and technology agnostic, and will continue to utilize the Ethereum protocol, we see Tezos as a global player with a robust blockchain for asset tokenization,” Andre Portilho, BTG’s Partner responsible for the STO initiative, stated.
According to the press release, Dalma Capital has been working on BTG Pactual’s STO pipeline. Now, the Dubai asset management firm has partnered with the South American investment bank as joint-bookrunner for ReitBZ with plans to run other tokenization projects, such as global sports clubs as well as equity and debt interests.
“We are excited to see BTG Pactual and Dalma Capital making use of the Tezos blockchain – we are believers in the Tezos project and see a strong use case for security tokens,” prominent Tezos stakeholder and Draper Associates Founder and CEO Tim Draper said.
XTZ Price Surges in Response
The new announcement has been taken very positively by the crypto community. Due to the hype it generated, XTZ’s price has shot up with the coin surging from $1 to $1.26.
But the show was stolen by Bitcoin that started yesterday on $10,680 and surged almost to $12,000 in 24 hours. Now the cryptocurrency is trading at $11,736.
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