The blockchain investment arm of Overstock, tZero has partnered with U.K. real-estate firm, Alliance Investments to tokenize a planned real estate development on the Tezos blockchain.
According to reports, tZero wants to provide technology services to tokenize Alliance Investments’ River Plaza in the U.K. The Plaza plans a 180-unit luxury residential development located in Manchester. The U.K.-based real estate company also plans to tokenize about $25 million worth of the apartments.
River Plaza also becomes the UK’s first real estate-backed security token offering (STO). As well as, the first project of Alliance Investments’ real estate tokenization plan. The plan involves tokenizing about $640 million worth of real estate projects across the UK over the next several years.
The River Plaza’s scheduled for completion in 2022.
More details on the plan
tZERO’s tokenization technology plays a major role in the River Plaza STO. As well as, the Megalodon’s advisory services and it’ll be issued on the Tezos Blockchain.
The River Plaza’s security tokens provide investors with liquidity through tZERO’s secondary trading technology. The tech powers the alternative trading system operated by PRO Securities, LLC, a subsidiary of tZERO. Accordingly, the STO launch takes place in Q1 of 2020.
CEO of tZERO, Saum Noursalehi commented on the development: “We believe that asset tokenization can revolutionize the real estate sector. We applaud Alliance Investments for spearheading one of the world’s first real estate-backed security token offerings. Tokenization of real estate democratizes access and greatly enhance liquidity for this asset class.”
CIO of Alliance Investments, Rani Zahr said: “We view tZERO as a leader in blockchain innovation and asset tokenization solutions. Therefore, we’re excited to partner with them on our first STO. We strive to stay ahead of the innovation curve and believe that security token offerings are the future. They’re more efficient, cost-effective, autonomous and democratic in comparison to traditional financing. We also hope to continue to collaborate with tZERO to see out our real estate tokenization plan.
About tZero, Tezos and Alliance Investments
tZERO technology started in 2014. Its goal majorly involved utilizing blockchain technology to revolutionize Wall Street. Thus, financial processes no longer rely on traditional institutional market structures. Accordingly, supporting the use of blockchain to bolster and enhance market integrity. tZERO forms a part of Medici Ventures, the blockchain subsidiary of Overstock.com, Inc.
Additionally, since its inception, tZERO continually pioneered efforts to ensure the efficiency of capital markets and their transparency.
To remind, tZERO already added Ravencoin (RVN) to its list of cryptoassets supported by its crypto-wallet and trading app. Besides, the tech company added support for Android devices for its mobile crypto trading app.
.){kind=link}