Asset digitization company Elevated Returns (ER) announced on Monday that it has chosen the Tezos blockchain to launch its real estate investment offering.
The company says that it plans to tokenize $1 billion-worth of real estate and put it on to the blockchain.
“There is no better solution than working on a Tezos-based token implementation,” said Stephane de Baets, President of Elevated Returns. “We have a number of very high-profile deals lined up and we could not afford to compromise the technological product.”
ER already has some experience in tokenizing real estate.
In October of last year, it sold the St Regis Aspen Resort, a hotel in the Colorado skiing town, for $18 million over the blockchain.
On that occasion, however, the firm used the ethereum blockchain to carry out the transaction.
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The company said that it has decided to switch to Tezos as it provides a better set of solutions for asset tokenization.
With help from the Tocqueville Group
Users of the Tezos blockchain, which has a particular focus on smart contracts, make transactions in the XTZ cryptocurrency.
The Tocqueville Group, a company which supports businesses that want to use the Tezos blockchain, will be assisting ER as it starts to sell real estate.
“We are extremely excited to assist Elevated Returns,” said Alison Mangiero, President of the Tocqueville Group (TG). “Tokenized real estate is a strong use case for Tezos and a real-world example of what is possible with blockchain technology.”
Alongside Mangiero’s firm, ER will also be working with Securitize – a compliance company that works specifically on asset digitization.
Securitize will be working with both ER and TG to ensure that any assets the former company adds to the blockchain are compliant with any regulatory requirements.
“Having worked closely with regulators and local authorities around the world, we understand the need for the highest security and compliance features,” noted de Baets. “With the Tezos-powered solution and its integration in the Securitize portal technology, we feel we have a total solution.”