Private Investment Bank Banco BTG Pactual has reportedly selected the Tezos (XTZ) blockchain for facilitating the generation of its security tokens representing real estate investment.
Andre Portilho – BTG Pactual crypto asset director – reportedly revealed that $5 million of ReitBZ in BTC will be moved to Tezos, including the fiat-based $2.5 million newly secured fund.
The bank is reportedly looking to test the waters to finalize the best one later, hence the diversification initiative, since there is no exact data indicating which blockchain will be a better fit in the future.
“We don’t want to be tied to just one blockchain. Because clearly I cannot tell which blockchain will prevail. <…> We want to have other options, other blockchains that might serve better the pieces of tokenization and issuing tokens that represent real assets.”
Portilho also reportedly stated that the money it takes to issue crypto assets could be more than the traditional measure, but it comes with a few distinctive benefits together with infinite scalability – $10 million of securities generated will have the exact cost as doing so for $10 billion.
BTG Pactual has reportedly assessed the scenario of partnering with service providers such as Securitize, but has ultimately gone on to carry the process out themselves, to further study the different aspects of issuing digital securities.
“At the end, as a bank, going into digital assets, we want to discover the best technological solution for us to be able to increase the potential audience for our products.”