Banco BTG Pactual SA which is a Brazilian Investment Bank is planning to release its own security token.
The token will be named ReiBZ. According to Bloomberg, the bank will hold an ICO for the token which will aim to accumulate somewhere around $15 million for its further development. Furthermore, the token is going to be backed by distressed Brazilian real estate assets. This means that investors will be able to receive dividends based on real estate performance in the country, which is at some point even better than a fiat currency backing.
Only International investors
There is one specific rule that accompanies the token. The bank disclosed that through the initial phase of the ICO, the US and Brazilian investors will not be allowed to make purchases, it will be exclusive for international investors only. According to the CTO of BTG, Gustavo Roxo, the bank will use its own capital in order to provide liquidity for the token.
Among this amazing news for the cryptocurrency industry, we are able to see some familiar faces. The Winklevoss brothers will be dedicating their Gemini platform for the ICO. The purchase of the coin will only be available through Gemini dollars, which is a stable coin exclusive to the platform.
Reforming the banking sector
Thanks to the fact that the token will be backed by real estate, it will be able to avoid any unnecessary volatility of the crypto market. Somewhere around 20% of returns are expected annually.
This type of news is becoming mainstream at this point. Just last week we were able to see JP Morgan one of the largest banking institutions in the world create its own custom coin called the JPM Coin. It is hard to say for sure, but the banking sector is inching towards a Blockchain backed platform. Not to mention, another large bank, Dukascopy is planning an ICO very soon.
We may be able to see a completely new banking sector, devoted to cryptocurrencies.
Giorgi is a news reporter and financial analyst at www.forexnewsnow.com He has 3 years of experience in analyzing the financial markets of Forex and cryptocurrencies. He also likes making hidden jokes in his articles.