Overstock and the Tezos Foundation tZERO security token platform over the next few years plans to tokenize real estate in the UK with a total value of £ 500 million (about $ 643 million).
1 / We are thrilled to work with @tzeroblockchain , @allianceinv , and Megalodon to tokenize £ 500m of real estate assets across the UK on @tezos over the next several years. #Tezos https://t.co/rpwYq4Wf9F
– Tezos Foundation (@TezosFoundation) October 30, 2019
“Compared to traditional financing, raising funds through STO is a more efficient, less costly, autonomous and democratic way. We believe that we are ahead of the rest in terms of technological changes that can drastically change the existing funding paradigm , ” said Rani Zar, IT director of the British company Alliance Investments, also participating in the project.
The first offer of tokens is scheduled for the first quarter of next year. At this stage, tZERO will release security assets corresponding to real estate in Manchester worth £ 20 million.
The Tezos protocol will serve as the underlying infrastructure for the “issuance, transfer and storage of digital assets” and the deployment of smart contracts. The assets will be available on the secondary market of PRO Securities, which is an alternative trading system of the tZERO unit registered in the SEC.
Other real estate, including residential and commercial properties, will be tokenized within a few years.
Earlier, BlockchainJournal reported that Elevated Returns plans to use Tezos to tokenize real estate worth $ 1 billion.
We also recall that Tezos recently activated the Babylon 2.0 update , which changes the network consensus algorithm, the functionality of smart contracts and the control mechanism.
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