Brazilian Bank Aims to Raise $15 million Through Cryptocurrency
The Brazilian investment bank Banco BTG Pactual is going to hold an initial offering of security tokens (STO). Thus, the financial institution plans to raise $15 million in investments.
According to the bank, the token will be called ReitBZ (RBZ) and it will be backed with real estate in the states of Rio de Janeiro and Sao Paulo. To ensure the tokens are liquid, BTG Pactual plans to launch a secondary market, where the RBZ will be traded.
The bank will also provide an opportunity to participate in STO to foreign investors. For this, BTG Pactual is going to develop a “low-cost, tax-efficient structure.” Bank did not specify what the “structure” it is.
Trust Company, a subsidiary of the Winklevoss brothers crypto company Gemini, will assist the Brazilian bank in STO. RBZ will be sold for Gemini stablecoin, backed with the US dollar.
The bank also claims STO members will be forced to undergo AML and KYC checks. Citizens of Brazil and the United States will be banned from buying RBZ tokens.