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

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. 

 
 

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Frank Chaparro covers the intersection of financial markets and cryptocurrency as Editor-at-Large. Since joining the publication in 2018 as its first reporter, he has played a key role in building The Block into a leader in financial journalism and research. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected]