ReitBZ, a leveraged security token backed by real estate issued by BTG Pactual, has announced the distribution of its first dividend.
According to ReitBZ, the digital asset will be the first of its kind to distribute profits to investors. Everything will be handled via blockchain-based smart contracts. ReitBZ states that these smart contracts have undergone security audits by Chain Security (for Ethereum blockchain) and by Least Authority (for Tezos blockchain).
It was reported in 2019, that BTG Pactual, a large South American investment bank, intended to offer a security token for a real estate fund. ReitBZ became the first-ever tokenized investment fund in South America. Prior to that, BTG Pactual had only serviced high net worth individuals.
“We’re investing constantly in innovation and cutting-edge technology, and ReitBZ is proof that our efforts along these lines have been generating good returns for our clients,” commented BTG Pactual CEO, Roberto Sallouti.
According to the company, the amount of dividends paid out will total USD $ 87,569.20.
ReitBZ invests in a portfolio of recovered real estate holdings managed by Enforce, a company of the BTG Pactual Group specializing in the recovery of corporate credits. BTG Pactual states that 322 units were acquired between August and December of last year, with 198 units sold as of now.
In May of 2020, ReitBZ began to be issued on the Tezos blockchain platform.
“With technology and globalization, we’ve now broken through to new frontiers in various aspects of our lives, but when it comes to investments we’re still thinking in very local terms. ReitBZ is a product that disrupts that way of thinking,” added André Portilho, BTG Pactual partner in charge of the token.
In the coming weeks, ReitBZ plans on launching secondary market transactions on the platform. Interested investors are still able to participate in the fund with the exclusion of several countries.
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