Latin America’s largest investment bank Banco BTG Pactual SA is releasing its own blockchain-based security token, Bloomberg reported on Feb. 21.
The token dubbed “ReitBZ” — which will be backed by distressed real estate assets in Brazil — will reportedly enable the bank to provide its real estate business to international investors at lower costs than with traditional means. ReitBZ will be perpetual, with the initial offering period of around 90 days, while proceeds will be reinvested in the distressed portfolio.