Press release The Tezos Foundation is excited to share this recent press release here on our blog: The esteemed financial institutions to host a deal pipeline of $1bn for existing and future prospective token issuances SAO PAULO, 3 July, 2019– Banco BTG Pactual S.A., Latin America’s largest standalone investment bank, together with Dalma Capital, a prominent …
RT @spencernoon: Absolutely massive news as @Tezos secures a $1bn+ STO deal with Latin American’s largest standalone investment bank.
The addressable market for security tokens is $268tn+ and Tezos is carving out a defensible early lead here.
$XTZ is officially now on everyone’s radar. https://t.co/8GmyPmEaiX
Good news! Here's more:
Diamond Open Market will change the rules diamond industry lived to this day and bring new opportunities for every party. Every market participant will be able to sell and buy natural or lab-grown diamonds, paying by fiat or cryptocurrency and using a convenient search system.
From Coindesk article:
Dalma Capital has joined the effort as joint bookrunner (or underwriter) for ReitBZ, and further expects to use Tezos for a number of other asset tokenization projects, from real estate to sports clubs.
Crypto restrictions and new gun laws caused me to move out of WA state a few years ago (I loved it before, lived in Redmond). I was going to go to Nevada, but ended up moving to Puerto Rico (0% federal+state capital gains tax, which is pretty awesome if you trade...)
Yeah, it's difficult to respond in the other threads because most deals like this are under NDA or otherwise confidential until announced, but this kind of deal is what TF spends the majority of our time working on, along with grants (including to major development orgs like Nomadic Labs), dealing with lawsuit, various audit requirements, compliance, etc.
There's legitimate criticism of the Tezos Foundation not communicating enough and not hiring enough people, but those are things we are working on (and hiring takes months). But while we're sitting on >$500mm, there's not an effective way to spend anywhere near that much immediately on anything which would serve the foundation's purpose of advancing the Tezos protocol and ecosystem. Having a lot of assets makes certain things a lot easier, but it's like the famous "one woman can have one baby in 9 months; if you want a baby in 1 month, find 9 women" problem. The main thing having a huge capital reserve does is guarantee Tezos development can continue regardless of external market conditions for as long as needed.
But between scaling, privacy, ecosystem tooling and protocol upgrades it seems as though TF is moving in the right direction at a great speed. Kudos to the whole crew and surrounding members...we're in for an interesting ride!
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I live in São Paulo and Banco BTG Pactual S.A isn't the biggest bank in any way or form, it's not even in the top five. It's the biggest standalone investment bank in Brazil (don't know if it's in the entire Latin America, but could be), but remember in Brazil less than 2% of the population make investments, so...
Just for information:
BTG's market cap: 1,3 Bilions USD
Itaú/Unibanco's market cap (biggest bank in brasil): 42,7 Bilions USD
Inaccuracies in titles can cause serious PR set backs...but kudos for changing. I suggest next time being coldly accurate. Tezos does not need to hyper hype. Let the cold facts do the talking.
just watch to top comment here: [https://www.reddit.com/r/CryptoCurrency/comments/c8qz3h/the\_largest\_bank\_in\_latin\_america\_is\_going\_to/](https://www.reddit.com/r/CryptoCurrency/comments/c8qz3h/the_largest_bank_in_latin_america_is_going_to/)
I'm glad this announcement went out so I don't have to hide the fact that I'm visiting Brazil right now. It's a really amazing country that I always wanted to see, and "I'm in San Juan and need to get to New York, I can fly via Sao Paulo to help with some of the technical integration" made sense.
There's some tech work left to be done on this deal in terms of building the smart contracts, tooling, etc. to integrate with our new fungible token standard, but BTG has some great people on both business and tech, and we're working with a couple really good software consultancies. Plus, 95% of the work we do on each of these STO projects is re-used (and open source), so while this is one of the first big STO deals on Tezos, it definitely won't be the last. Real estate is a great fit, but I'm sure there will be other asset types which work well too.
BTG has a reputation for having some really strong engineering (particularly compared to banks generally), they have very agile management, and they have a lot of interest in cryptocurrency. It's been great working with them.
GC is not really my scene, but I'll probably meet up with the tezos rio guys next time I'm in Brazil. There just wasn't time to do more air travel this trip and I'm doing a bunch more travel immediately after this trip.
Instead I got a BRL 129 steak + tartare + water from room service and am working on tech stuff for this deal and for a couple other projects. Seems like better stewardship of the Foundation's assets. I will do some tourist thing on my own tomorrow afternoon/evening once the Swiss workday is over, though.
I've heard enough announcements like this to know to temper my excitement. This is good news. It'll be great news when there's tangible movement on the project. Good luck to all Brasileiro cryptocurrency enthusiasts.