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Latin America's largest investment bank has launched a token on the Tezos blockchain (XTZ)



Latin America's largest investment bank Banco BTG Pactual has launched a token on the Tezos (XTZ) blockchain. Known as ReitBZ, the security token is backed by Brazilian real estate and has already been used with Tezos to buy 323 units of land.

ReitBZ was originally launched on Ethereum in 2019. BTG Pactual's decision to implement the token on the Tezos blockchain marks the first in its history. The bank will use the token for future security token (STO) offerings, similar to the land-backed ReitBZ.

BTG partner Andre Portilho said he believed Tezos was "robust" enough to handle the kind of complex STOs the bank hopes to execute. He said:

“We decided to issue ReitBZ in association with the Tezos Foundation to test the Tezos blockchain so that we can use the technology to run more complex STO futures. We are confident that Tezos' solution is technically sound, and this issue allows us to secure more resources to invest in ReitBZ in the future. ”

The partnership between BTG Pactual and Tezos is originally announced in July 2019. The use of the ReitBZ bank was Tezos' first real-world test, and was first used to purchase 238 units of real estate in August of the same year. More land purchases followed, and now BTG Pactual plans to launch a secondary market for the token in hopes of providing more liquidity.

Use case for Tezos and XTZ?

Tezos is a delegated proof of stake (PoS) blockchain capable of executing smart contracts and dApps. Previously, the project has been criticized for its apparent lack of utility, particularly given the fact that the 93% of all XTZ tokens are on your network.

In Tezos' PoS governance model, users lock XTZ to secure the network and are rewarded with freshly baked tokens relative to the amount wagered. The large amount of tokens wagered on Tezos could be the sign of a healthy network, or an indication that the token is not used for much more.

The successful deployment of Tezos by Latin America's largest independent investment bank could dispel those notions. The Chairman of the Board of the Tezos Foundation celebrated the use of Tezos by BTG Pactual. He said:

"We are delighted that the company has chosen to use the Tezos protocol to make this implementation a reality, and we hope BTG will continue to use Tezos' cutting-edge technology as it pushes the asset tokenization market toward mass adoption."


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