Securitize, Elevated Returns Pick Tezos for Asset Tokenization
The smart contract and token platform will host a $1 billion real estate tokenization.
This is a deal of significant size for the Tezos blockchain and a sign that the ecosystem has been deemed safe enough for launching asset-backed, fully legalized security tokens. Until now, Ethereum and EOS have been the platforms of choice for issuing digital securities.
Elevated Returns, the project behind Aspencoin, has set aside up to $1 billion in assets to tokenize in the future. It has so far tokenized part of the St. Regis resort in Aspen, which used Ethereum-based tokens.
Securitize will serve as the compliance platform, ensuring a fully transparent issuance and the distribution to eligible investors.
"Having worked closely with regulators and local authorities around the world, we understand the need for the highest security and compliance features. There is no better solution than working on a Tezos-based token implementation," commented Elevated Returns president Stephane de Baets.
Additionally, Elevated Returns will partner with Tocqueville Group for the technical side of launching and distributing tokens on the Tezos platform.
The Tezos network operates differently from Ethereum, using a group of “bakers” to produce blocks. The XTZ digital asset uses a different type of wallet and issues of custody and ownership may be posing challenges.
"The addition of Tezos and adoption of our DS Protocol as a defining standard for the Tezos blockchain is not only great news for global real estate, it also cements Securitize's leadership in the market,” Securitize co-founder and CEO Carlos Domingo said.
Elevated Returns will offer its digital securities to Thai investors, launching promotional events for the local market in March. The company will explore the potential for asset tokenization in Southeast Asia.