tZERO Partners With Alliance Investments to Tokenize $25M Real Estate Project in UK
In a press releaseby Businesswire on Oct. 30, tZERO announced that it has collaborated with Alliance Investments for the sole aim of tokenizing River Plaza worth around $25 million.
As a major company in blockchain innovation for capital markets, tZERO partnered with the UK-headquartered real estate investment company to tokenize a 180-unit luxury residential development located in Manchester which makes it become the first UK real estate-backed security token offering (STO) which is expected to be launched in Q1 of 2020.
Saum Noursalehi, CEO of tZERO, commented on the development expressing his belief that it will revolutionize the real estate market and also lauded the decision of Alliance Investments. Noursalehi said:
“We believe 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."
Around $25 million of the value of River Plaza will be tokenized through the use of tZERO’s tokenization technology and Megalodon’s advisory services and will be issued on the Tezos Blockchain.
In this regards, the CIO of Alliance Investments, Rani Zahr said:
“We view tZERO as a leader in blockchain innovation and asset tokenization solutions and are excited to partner with them on our first STO. We hope to continue to collaborate with tZERO to see out our real estate tokenization plan."
He stated that Alliance Investments would continue to be on the leading side of innovation. He added: "We strive to stay ahead of the innovation curve and believe that security token offerings are the future. They are more efficient, cost-effective, autonomous, and democratic in comparison to traditional financing."
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