Altcoin News: Brazilian Bank Plans to Raise $15 Million Through STO

February 22, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Brazilian investment bank BTG Pactual which will provide its token with assets in the field of local real estate, planning to raise funds up to $15 million through the security token offering(STO).

BTG Pactual will also create a secondary market after the sale to ensure liquidity tokens. According to the organizers of the project, this will allow investors to invest in the Brazilian real estate market and, based on indicators of related assets, make a profit.

“International investors will be able to purchase the token, called ReitBZ (RBZ), through a ‘low-cost, tax-efficient structure’,” the bank said.

BTG Pactual CEO Roberto Sallouti noted:

“The technology associated with this offering allows us to be a pioneer in providing access to asset classes that have historically been difficult for global retail investors to access. We are constantly exploring innovative ways to promote, democratize and encourage the development of financial and capital markets.”

BTG Pactual collaborates with the Winklevoss based company Gemini. CEO Tyler Winklevoss said:

“The tokenization of real assets is a major step forward in the evolution of the crypto economy. … Working with BTG Pactual to leverage the Gemini dollar as the stablecoin for ReitBZ helps move the industry in the right direction.”

It is reported that the token portfolio will consist of urban property in the states of Rio de Janeiro and São Paulo.

“The bank aims to include properties that have been ‘impacted’ by the economic recession in Brazil and now offer ‘potentially significant economic upside’.”

BTG Pactual clarified that it will comply with the rules of AML and KYC. It is noteworthy that residents of Brazil, the United States and, possibly, some other countries will not be able to invest through the STO.

Author: Marko Vidrih