Tezos, tZERO Partner to Develop Security Tokens For a $643 Million UK Real Estate Project
Tokenization through blockchain tech and smart contracts is now a reality in various industries. The United Kingdom-based, Alliance Investments, is currently seeking to raise $643 million for a real estate development in Manchester through Security tokens.
tZERO and Tezos foundation are the two crypto stakeholders working with the real estate developer to realize this vision. Both are set to contribute significantly to the project; tZERO will issue at least £20 million worth of Security Tokens to willing investors at the beginning of 2020.
Alliance Investments will then use these proceeds on its waterfront development in Manchester. The firm views the tokenization approach as progressive in investment inclusion.
Rani Zahr, the CIO, further hinted that this was the future of raising funds;
“Raising funds through an STO is more efficient, cost-effective, autonomous and democratic than traditional financing. We believe that we are at the forefront of a technological change that can disrupt the current funding paradigm.”
Tezos, on the other hand, will be the supporting layer where smart contracts will be deployed and the STO stored. tZERO’s subsidiary, PRO Securities, an SEC-regulated entity will then facilitate the STO trading as a secondary avenue to join or exit the project by Alliance Investments.
Roman Schnider, Tezos CFO, also shared positive sentiments about the real estate project in Manchester;
“This one building, a large multi-storage development, [is a] first for Alliance, but represents a large pipeline that they intend to fund using STOs [security token offerings],”