January 16, 2021

tZERO and Tezos Foundation tokenize British real estate worth £ 500 million

Overstock and Tezos Foundation tZERO security tokens plan tokenize over the next few years property in the UK with a total value of £ 500 million (about $ 643 million).

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“Compared to traditional financing,raising funds with 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 radically change the existing paradigm of financing ”- 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 issue security assets corresponding to real estate in Manchester worth £ 20 million.

Tezos protocol will serve as the baseInfrastructure for “issuing, transferring and storing digital assets” and deploying smart contracts. Assets will be available on the secondary market of PRO Securities, which is an alternative trading system of tZERO's SEC-registered unit.

Other real estate, including residential and commercial properties, will be tokenized within a few years.

Earlier, ForkLog 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.