Tezos Price Spikes by 20% as The Network Announces New Partnership With Brazil’s Largest Investment Bank

According to reports, the price of Tezos has gained momentum after the network’s latest venture. It is understood that the Tezos Foundation via a press release that it has entered a partnership with South America’s largest investment bank. The platform placed the press release via its blog on July 3, stating that it has signed a deal that is believed to be worth $1 billion with Banco BTG Pactual. Along with South America’s largest standalone investment bank, another firm that is a part of the partnership is Dalma Capital. A Dubai based asset management firm.

The announcement of the deal has reportedly taken the price of Tezos up by 20%.

Moving on From the Ethereum Blockchain to Tezos Network

In a joint press release, the financial firms revealed their plans to use Tezos blockchain for STOs (Security Token Offerings), tokenizing “a broad variety of traditional as well as alternative investment options.” Per the press release:

Utilizing the Tezos Blockchain, a self-amending Blockchain network and smart contracts platform is going to encourage Dalma Capital and BTG Pactual to boost their efforts to enhance digitization, by transacting in digital assets.”

When you consider the fact that BTG Pactual has become the first Brazilian investment bank to achieve this milestone, it is safe to say the financial powerhouse decision to launch the real estate-backed Brazilian STO, ReitBZ, back in February, makes it a driving force for digitization in the region. BTG launched ReitBZ on the Ethereum Blockchain back in February.

While the token sale for ReitBZ was a huge success, the project collected a whopping $3.3 million from investors.  Now, the South American investment powerhouse has decided to jump ship and move the ReitBZ STO tokens to the Tezos Blockchain.

Speaking on the matter, Andre Portilho, a partner of BTG that is responsible for STO said:

“While the South American bank remains a protocol and technology agnostic, and is going to continue utilizing the Ethereum protocol, it is safe to say Tezos is a global player. It has a robust Blockchain which is perfect for asset tokenization.”

Dalma Capital Has Been Actively Starting Partnerships

Citing people familiar with the matter, Smartereum understands that Dalma Capital has since been working on the STO pipeline of BTG Pactual. Now, the Dubai asset management company has gone into a partnership with the South American bank as a bookrunner for ReitBZ. It will bring plans to run more tokenization projects, like global sports clubs and equity or debt interests.

XTZ Price Surges by 20% in Response to the Recent Development

The new announcement of Tezos partnership with South America’s largest standalone investment bank Banco BTG Pactual and the Dubai asset management firm Dalma Capital has reportedly been taken positively by the cryptocurrency community. This is due to the hype the initiative generated. XTZ’s price has been shooting up since the announcement with the coin surging from $1 to $1.26.

Although, on the day, BTC stole the show as usual. Bitcoin started yesterday at $10,680. Before surging to $12,000 in only 24 hours. Now the leading cryptocurrency is trading around the $11,736 region as of press time.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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