Blockchain

One of Latin America’s largest investment banks is doing an STO

February 24, 2019, 2:09PM EDT

The world of cryptocurrencies can welcome a new player in Latin America, Bloomberg News reports.

Banco BTG Pactual SA, one of the largest investment banks in the region, is planning to raise $15 million via a token offering. The token, dubbed ReitBZ, will offer investment exposure to "distressed real estate assets in Brazil," according to the report. The tokens will not be open to investors in Brazil and the U.S., according to Bloomberg. Gustavo Roxo, the bank’s chief technology office, told Bloomberg the token will enable them to tap into a more global investor base. 

“We came up with this structure because we think investors in the digital world have a higher risk-taking appetite," Roxo said. The portfolio will be managed by a BTG subsidiary. Investors can buy the token with Gemini Dollars, a stablecoin launched last year by the Winklevoss twins.