Tezos jumps on the mainstream adoption train as Latin America’s biggest bank partners with cryptocurrency

  • 04 July 2019, Thursday, 14:00

The usage of cryptocurrencies and its connected distributed ledger technology has increased with several mainstream organizations adopting it. This was proven again when BTG Pactual and Dalma Capital, the largest standalone investment bank in Latin America revealed that the company would be using the Tezos blockchain for their ‘Security Token Offerings’ venture.

Andre Portilho, a BTG Panctual official commented:

“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.”

The company plans to use Tezos for projects such as core real estate development and for launching equity and debit interest programs. The partnership also gained a lot of traction in the cryptocurrency space because of its association with Tim Draper, the Founder of Draper Associations and a major Tezos stakeholder. Draper had said:

“We are excited to see BTG Pactual and Dalma Capital making use of the Tezos blockchain – we are believers in the Tezos project and see a strong use case for security tokens.”

The partnership with Tezos is seen as a move to secure future transactions and deal flows between the bank and its clients. This faith in the decentralized ecosystem is something that cryptocurrency companies are capitalizing on and Tezos has claimed that they see the tie-up as an opportunity for mainstream adoption. Zachary Cefaratti, the CEO of Dalma Capital added:

“With blockchain technology now becoming a reality globally, we are delighted to be working with the Tezos Foundation andTocqueville Group teams, whose technical expertise compliments our investment banking and asset management credentials. We see Tezos as one of the critical protocols for the burgeoning STO market, and look forward to securing future deal flow on the Tezos blockchain.”

The security token industry has been on the rise for some time now, and banks like BTG and Dalma are one of many institutions vying to get a jump on the benefits provided by the digital assets industry. Tezos has been in the news multiple times for the updates and developments put forth by the company. This progress train hit a roadblock a few weeks back when Tezos co-founder Arthur Breitman stated that side chain development was tricky and that adding a second functioning layer to the network was a tough job.

Source: ambcrypto.com