Tezos Announces Partnership With Brazil's Largest Investment Bank, XTZ Price Up 20%

Tezos Announces Partnership With Brazil's Largest Investment Bank, XTZ Price Up 20%

The Tezos Foundation published a press release on its blog yesterday, stating that it had 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.”

Being the first Brazilian investment bank to do so, BTG Pactual launched a 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 investors – the South American investment bank decided to move the ReitBZ STO to the Tezos blockchain.

According to Andre Portilho, BTG’s partner responsible for the STO initiative:

“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.”

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.

 

Said Tim Draper, prominent Tezos stakeholder and Draper Associates Founder and CEO:

“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.”

XTZ Price Surges in Response

The announcement has been taken very positively by the crypto community. Due to the hype it generated, XTZ’s price surged from $1 to $1.26.

XTZ/USD. Source: CoinGecko

But the show was stolen by Bitcoin, which started yesterday at $10,680 and surged to almost $12,000 in 24 hours. Now the cryptocurrency is trading at $11,736.