On Monday, February 11, it was reported that two partners, financial group Elevated Returns (ER) and compliance firm Securitize intend to use the Tezos platform for offering qualified investors tokens that represent $1 bln of real estate.
No more Ethereum, now it’s Tezos
Previously, the same companies were in news headlines in 2018, when they tokenized the St. Regis Resort in Aspen, having collected $18 mln through selling tokenized property.
ER is famous as an issuer of security tokens. Before, the St. Regis Resort was tokenized via Ethereum. This time the company wants to utilize the Tezos platform, believing it to be better for this particular purpose, with better secured smart contracts.
Securitize, the compliance partner of ER for turning securities into digital tokens, intends to add support for Tezos to make sure ER complies with the laws regarding securities and crypto regulations. This will allow ER to emit tokenized assets on Tezos under global regulatory rules and use them on markets worldwide.
Another company in the chain
ER will use the services of Tocqueville Group, a company based in New York City helping companies to create their product on the Tezos platform.
Tezos is a blockchain platform allowing the development of smart contracts and enabling companies and individuals to transfer virtual coins in its own coin, XTZ.