Many traditional financial firms are a bit reluctant to join the cryptocurrency bandwagon. Nevertheless, there has been a recent change of heart as more and more institutional investors are changing their tune about cryptocurrency.

However, most of these firms are more interested in security tokens. The latest financial firms to join in are Dalma Capital, renowned asset manager in Dubai and Banco BTG Pactual SA, the largest standalone investment bank in Latin America.

In a press release yesterday, July 3, the two firms, BTG and Dalma Capital, announced that they were teaming up for Security Token Offering (STO) and also the already underway REitBZ STO using Tezos’ blockchain. Dalma Capital hopes that through the partnership, they can tokenize sports clubs and also their core business, real estate. 

This partnership is meant to tackle a pipeline of deals for tokenization worth more than $1 billion as these firms intend to use Tezos blockchain to “tokenize a wide variety of traditional and alternative investments.” Hubertus Thonhauser, principal of the Tezos Foundation stated, “BTG Pactual and Dalma Capital have been leaders in implementing tokenization and blockchain solutions in the realm of traditional investment banking and asset management. We are encouraged by forward-thinking investment banks embracing blockchain as the market progresses to institutionalization and mass adoption.”

In February this year, BTG unveiled its Security Token Offering dubbed REitBZ. This real estate STO was backed by the Ethereum blockchain and has since been a success. However, BTG made the decision to move this security token offering, REitBZ, to Tezos blockchain and added Dalma as a joint book-runner.

BTG’s partner responsible for STO project, Andre Portilho addressed this move from Ethereum protocol saying, “While the bank remains protocol and technology agnostic, and will continue to utilize the Ethereum protocol, we see Tezos as a global player with a robust blockchain for asset tokenization.”

Prior to the announcement, the price of Tezo was witnessing a downtrend. This announcement stirred the XTZ community causing a price surge from $1.02 to $1.26. This uptick, however, hit a snag as Tezos was overshadowed by bitcoin’s price rally.

XTZ has gained 6.67% in the last 24 hours and is trading at $ 1.25 at press time. The Tezos community is optimistic that this partnership will be pivotal in boosting the price of XTZ in the near-future.

The post Tezos Foundation Announces $1bn Strategic Partnership With BTG Pactual and Dalma Capital, XTZ Prices Surge In Response appeared first on ZyCrypto.

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