Tezos To Be Used For $1 Billion Real Estate Tokenization
Asset digitization company Elevated Returns (ER) announced on Monday that it has chosen the Tezos blockchain to launch its real estate investment offering.
Elevated Returns (ER) and Securitize claim they will tokenize $1 billion of real estate assets using the Tezos blockchain.
Elevated Returns is the company behind the ﬁrst tokenized real estate offering with the launch of Aspencoin last year. Securitize is a compliance platform for digitizing securities. Originally issued on Ethereum, Aspencoin is now switching over to Tezos stating the blockchain is superior for asset tokenization.
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.
Securitize has recently upgraded ER’s Aspencoin token to their own DS protocol, which will now be adopted as a “deﬁning standard for the Tezos blockchain” according to the company’s CEO, Carlos Domingo.