A majority-owned subsidiary of Overstock.com tZERO Group, Inc. has announced it plans to tokenize approximately $640 million of real estate projects of Alliance Investments’ River Plaza across the UK.
As official press release states, River Plaza is the first in UK real estate-backed security token offering (STO). The River Plaza STO will reportedly be digitized with the help of the Tezos Blockchain.
"River Plaza’s security tokens will provide investors with liquidity through tZERO’s secondary trading technology, which powers the alternative trading system operated by PRO Securities, LLC, a subsidiary of tZERO. The STO is expected to launch in Q1 of 2020," states the press release.
tZERO CEO Saum Noursalehi believes that asset tokenization "will 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 will democratize access and greatly enhance liquidity for this asset class," Noursalehi added.
Earlier iHodl reported that tZERO received a patent by the U.S. Patent and Trademark Office for the Time Ordered Merkle Epoch (TOME) methodology.
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