New Security Tokens For Real Estate To Be Issued On Tezos Blockchain
Elevated Returns, an American financial group, announced a new investment project, for which real estate worth $1 billion will be tokenized on the Tezos blockchain.
As stated in the press release, tokenized objects will be issued in full compliance with the securities laws, supervised by Securitize, reportedly the leading legal platform for asset digitalization, which will open the way for Tezos-based objects to regulated markets worldwide.
According to Stephane de Baets, the head of Elevated Returns, there is nothing better than developing assets on Tezos.
Elevated Returns calls itself a leader in issuing security-tokens. Its most well-known project raised $18 million during the STO last fall. Back then, investors were offered tokens which represented a particular share of the hotel fund of St. Regis Resort in Aspen, Colorado.
The resort's assets were issued on the Ethereum blockchain, while for the new project the team decided to switch to Tezos, seeing in it a greater potential for real estate tokenization, as well as more security for smart contracts.
Tezos blockchain uses native XTZ tokens for transactions. So far, the announcement has not influenced its price — the cryptocurrency still costs $0.38. Daily trading volume also did not surge from $ 2.7 million.
Earlier, Ledger announced the release of a wallet supporting Tezos.
Along with this news, Elevated Returns announced the purchase of a 21% stake in Seamico Securities, a firm from Bangkok that specializes in securities. This will allow the American company to obtain a license to work in Thailand and other regions of Asia where a permission from local regulators is necessary.
Earlier, the Thai stock exchange applied for a crypto license.