Weekly Updates

BTG Pactual Issues ReitBZ on Tezos Blockchain

The Tezos issuance marks the first non-Ethereum issuance from Latin America's largest investment bank since announcing its move into digital assets

This week, BTG Pactual announced that it has officially issued its ReitBZ token on the Tezos blockchain, successfully executing on the firm’s July announcement that it would use Tezos for future digital asset offerings. This is the first non-Ethereum issuance of the Brazilian real estate-backed token, a major validation of the Tezos protocol’s suitability for high-value digital asset applications. 

In discussing the move to utilize Tezos for the latest ReitBZ issuance, BTG Partner Andre Portilho said, “We decided to issue ReitBZ in partnership with the Tezos Foundation to test the Tezos blockchain so that we can use the technology to execute more complex future STOs. We are confident that the Tezos solution is technically robust, and this issuance enables us to guarantee more resources to invest in ReitBZ moving forward.”

BTG Pactual, Latin America’s largest standalone investment bank, is at the forefront of STOs and digitizing real-world assets, announcing the plans for its first issuance at the beginning of 2019. Since then, the firm has worked with the Tezos Foundation to prepare future digital asset offerings to be issued on the Tezos blockchain, including upcoming plans to launch a secondary market for ReitBZ that will provide further liquidity.

Added Tezos Foundation Council Chairman Hubertus Thonhauser, “We are thrilled that BTG Pactual has chosen to use the Tezos protocol to make this implementation a reality and look forward to BTG’s continued use of Tezos’ cutting-edge technology as it pushes the asset tokenization market towards mass adoption.”

Additional Ecosystem Updates:

This past Monday, we gave an update on some personnel changes at the Tezos Foundation. We are excited to welcome Alice Lloyd George and Olivier Jaillon as new members of the Council. You can find the full announcement here.

Additionally, we are nearing the completion of our latest round of ecosystem grants. All applicants have been informed of final decisions on their grant proposals and we will announce all grants in this cohort once agreements are finalized.


It looks like with the restructuring that the foundation members will now have less day-to-day work. Will their compensation remain the same for less work? What will fill that time now? Have they simply been doing more work than they should have been?

While the governance structure of the Foundation is changing to allow the Council to step back from day-to-day management duties, the Council will continue to serve in its primary function as a strategic and supervisory body. The basic mandated duties, as defined in the Foundation’s Notarial Deed, will be adhered to. Concurrently, the composition of the executive team that reports to the Council is in the process of being adjusted. The Executive Committee implements the Foundation’s strategy and administers its day-to-day operations. 

As of the beginning of the new term (May 1 2020), Council members no longer receive compensation for day-to-day management duties. Additionally, two of the three council members who were part of the Executive Committee in the past, and who were separately compensated for their day-to-day management duties, have left the Foundation Council (Ryan Jesperson and Ryan Lackey). 

What class of Dapps do you feel will be the most beneficial to the Tezos ecosystem in the early stages? Any particular dapps you guys are excited about?

While the Foundation has prioritized digital assets, DeFi, CBDC, payments, and gaming use cases, and has already supported a number of projects building many of the tools necessary to attract more builders and entrepreneurs across these verticals, we recognize that there are a wide variety of other use cases, some of which likely have yet to be imagined. The Foundation is committed to supporting dapp development that will help execute the Foundation’s mission to foster the growth and evolution of the Tezos project and ecosystem. 

What is the status of CBDC? I know the bank of France is in the works? Any other?

Notwithstanding the recent public attention on CBDCs, and following an in depth analysis of the space, we believe that the entire topic of CBDC is still in a very experimental stage and the question of whether or not Central Banks would adopt public or private chains, and at what level of their stack, is still completely open. 

For now there are a couple of pilot projects in different jurisdictions on the way, but there are no indications that Central Banks, except maybe China, are seriously planning to deploy CBDCs in the short- to mid-term. 

Regardless of the very early stage of CBDC-related projects, we have been in direct and indirect talks with various Central Banks over the last 6 months and are planning to participate in related public offerings for pilot projects. However, we are unable to reveal details on these projects due to NDAs in place.

On the technical front, teams within the Tezos ecosystem have been working on a Tezos private chain solution, and details will be published as soon as the project is more advanced. Also, our engineering teams are aware that Tezos needs to adapt to the constantly evolving CBDC requirements, and with on-chain governance Tezos is uniquely well-suited to do so. The respective timing seems to be aligned with the overall advancement of the CBDC projects more generally and potential use cases. 

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