Securitize And Elevated Returns To Tokenize $1 Billion USD Of Real Estate On Tezos
Elevated Returns, a financial company that is focused on digitizing traditional assets from the financial world, has recently decided to use the Tezos blockchain to tokenize more than $1 billion USD of real estate assets. The company will have Securitize as its compliance partner in this venture.
Last year, Elevated Returns has tokenized the St. Regis Resort in Aspen, which enabled it to raise $18 million USD. At the time, the company decided to use Ethereum, however, now it has decided to switch to Tezos, which is seen by both companies as the better alternative in order to tokenize the assets.
According to Stephane de Baets, president of Elevated Returns, the company is very excited to use Tezos for the first time and it believes in offering this option for the investors. After working closely with regulators from all over the world, the company affirms that it understands the need for compliant, which is why Securitize was also called.
Working with Tezos is the best way to move forward as its solutions can be easily integrated with Securitize’s tech and this can provide a complete solution for the clients. With a better toolset to work with, the choice is to use a blockchain that is more focused instead of a generic one like Ethereum.
In order to make this plan a reality, Elevated Returns will also work with the Tocqueville Group, an organization based in New York which is set to facilitate the growth of Tezos. The president of the group, Alison Mangiero, has affirmed that the company is excited to see the groundbreaking work of Elevated Returns and that tokenized real estate is a great business.
According to Mangiero, this is a real use case for cryptos and it shows just what you can do with the blockchain technology in order to make it useful for people.
The CEO of Securitize, Carlos Domingo, has affirmed that the company is happy to help Elevated Returns to use the technology and to expand the partnership for more products. The addition of Tezos to the DS Protocol used by the company will make Tezos the blockchain for real estate, the CEO has affirmed.
According to the reports, the main responsibility of Securitize will be to make sure that all the assets which will be offered on the platform will be fully compliant with the legislation of the most relevant countries, so the experience of the company will help a lot.
In related news, Elevated Returns has also affirmed that it will acquire 21% of Seamico Securities, a company based in Bangkok. This will help the company to offer its products in the country during 2019 and to expand its services, as well as be the first step to enter other Asian markets.
Tezos is a blockchain that uses smart contracts in order to let the users make transactions and it is a platform focused on tokenization of real assets. The company uses XTZ tokens and it is currently worth around $0.38 USD with a market cap of 232 million USD and a circulating supply of over 607 million tokens.
At the moment, it is the 23rd token by market cap, followed by USD Coin (USDC) in 22th and Dogecoin (DOGE) in 24th.