The Elevated Returns (ER) financial group has announced that it will tokenise real estate valued at $1 billion and offer it as an investment on the Tezos blockchain.
Last October, ER conducted a similar but smaller sale on the Ethereum blockchain when they successfully placed AspenCoin as a tokenised asset for a Colorado ski complex, the St Regis Aspen Resort, for around $18 million.
Tezos Advantage
According to the company’s press release, ER selected Tezos over other blockchains for the latest offering as it provided “a greater focus on smart contract security.”
ER will be aided in the switch from Ethereum to Tezos by their own compliance partner Securitize and by Tezos facilitator Tocqueville Group (TQ).
Stephane de Baets, President of Elevated Returns, said “We have a number of very high profile deals lined up and we could not afford to compromise the technological product. With Tezos-powered solution and its integration in the Securitize Portal Technology, we feel we have a total solution.”
Speaking on behalf of Securitize, CEO and Co-Founder Carlos Domingo expressed his belief that “The addition of Tezos and adoption of our DS Protocol as a defining standard for the Tezos blockchain is…great news for global real estate.”
Such sentiment was echoed by Alison Maniero, the President of Tocqueville Group, who said “Tokenised real estate is a strong use case for Tezos and a real-world example of what is possible with blockchain technology.”
Elevated Returns also recently acquired 21% of Bangkok-based brokerage Seamico Securities (ZIMCO) which gave access to regulatory licenses and distribution capabilities in Thailand and the wider Southeast Asia region.
