Latin American investment bank Banco BTG Pactual, together with Dubai-based asset manager Dalma Capital, are to utilise the Tezos blockchain for security token offerings (STOs), including the ongoing REITBZ STO.
By utilising the new platform for digital securities transactions, the financial institutions address a deal pipeline in excess of USD1 billion for existing and prospective token issuances – with an outlook to utilise Tezos to tokenise a wide variety of traditional and alternative investments.
As governments worldwide and in the Middle East take measures to introduce digitalisation initiatives across industries, blockchain spending globally is to reach USD2.9 billion this year, and USD307 million in MEA region by 2021. Utilising Tezos, a self-amending blockchain and smart contracts platform, will encourage BTG Pactual and Dalma Capital to enhance their digitalisation efforts, by transacting in digital assets.
BTG Pactual was the first major investment bank to officially launch a Security Token Offering (STO) when it announced in February its plans to launch ReiBZ. It has since successfully launched and exceeded the soft cap of the real estate backed token on the Ethereum protocol.
"While the bank remains protocol and technology agnostic, and will continue to utilise the Ethereum protocol, we see Tezos as a global player with a robust blockchain for asset tokenisation," says Andre Portilho, BTG's Partner responsible for the STO initiative.
Dalma Capital, which is working with BTG Pactual on their STO pipeline and has partnered as joint-bookrunner for REITBZ, plans to further utilise Tezos for a number of expected asset tokenisation projects ranging from core real estate to prominent global sports clubs; including equity and debt interests.
"With blockchain technology now becoming a reality globally, we are delighted to be working with the Tezos Foundation and Tocqueville Group teams, whose technical expertise compliments our investment banking and asset management credentials," says Zachary Cefaratti, CEO of Dalma Capital, "We see Tezos as one of the critical protocols for the burgeoning STO market, and look forward to securing future deal flow on the Tezos blockchain."
"BTG Pactual and Dalma Capital have been leaders in implementing tokenisation and blockchain solutions in the realm of traditional investment banking and asset management," commented Hubertus Thonhauser, a principal of the Tezos Foundation. "We are encouraged by forward-thinking investment banks embracing blockchain as the market progresses to institutionalisation and mass adoption."
Tim Draper, CEO and Founder of Draper Associates, a prominent Tezos stakeholder and advocate of blockchain in finance, says: "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."
Cefaratti adds: "The addressable market for security tokenisation is in excess of USD268 trillion, which is composed of the global stock of investable financial assets. This is the next iterative step in the pervasion of blockchain in finance, we see future development in addressing the USD595 trillion*** global derivatives market on blockchain."
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