tZERO tokenizes $25M luxury residential complex in UK
Security token trading platform tZERO has partnered with UK-based real estate investment company Alliance Investments to tokenize part of a residential apartment complex.
Announced on Wednesday, the project aims to tokenize at least $25 million of the value of the residential apartments on the Tezos blockchain. The tokens will then be open to investors during a security token offering (STO) set to launch in Q1 2020.
"We strive to stay ahead of the innovation curve and believe that security token offerings are the future. They are more efficient, cost-effective, autonomous and democratic in comparison to traditional financing. We hope to continue to collaborate with tZERO to see out our real estate tokenization plan,” said Alliance Investments CIO Rani Zahr.
The tokenization project also kickstarts Alliance Investments' plan to tokenize approximately $640 million in real estate projects in the UK over the next few years.
tZERO is not the only security token company that sees potential in the real estate market. In September, Harbor announced it would create ERC-20 tokens to represent a real estate company's more than $100 million funds. The firm also recently received a broker-dealer license from the Financial Industry Regulatory Authority (FINRA) that enables it to buy and sell security tokens on their clients' behalves.
