A Brazilian investment bank is preparing to launch a security token in a bid to raise $15 million from investors, the latest example of a significant bank turning to blockchain tokens as a security. Banco BTG Pactual announced plans for the security token, which will be backed by distressed real estate. Alongside the token, the bank plans to create a secondary market for the tokens to provide liquidity for investors, in the hope of raising an initial $15 million from the issue. The token will provide investors with access to tradable Brazilian real estate investments, as well as providing a periodic yield. A \u201clow cost, tax efficient\u201d structure will be established to allow the bank to sell the token, known as ReitBZ, to overseas investors. The CEO of Banco BTG Pactual, Roberto Sallouti, said the model will make the bank a global pioneer in making investment in Brazilian real estate much more streamlined for international investors. He said, \u201cThe technology associated with this offering allows us to be a pioneer in providing access to asset classes that have historically been difficult for global retail investors to access. We are constantly exploring innovative ways to promote, democratize and encourage the development of financial and capital markets.\u201d The deal will be facilitated in Gemini dollars, the U.S. dollar-pegged stablecoin promoted by the Winklevoss twins\u2019 Gemini Trust Company LLC. Gemini CEO Tyler Winklevoss said the tokenization of real world assets was an important milestone in the development of the crypto sector, noting, \u201cWorking with BTG Pactual to leverage the Gemini dollar as the stablecoin for ReitBZ helps move the industry in the right direction.\u201d The token will be tied to a portfolio of properties based largely in Rio de Janeiro and S\u00e3o Paulo, and will focus on assets affected by recession in Brazil. The investment will be closed to residents of Brazil and the United States, and will comply fully with AML and KYC requirements for international investors.