Aspen Digital, a digital security, is now trading on tZERO – a regulated ATS and subsidiary of Overstock (NASDAQ:OSTK). Aspen Digital is utilizing the Tezos blockchain and is said to be the first digital security based on Tezos to trade on a marketplace.
The shares in Aspen Digital are said to represent approximately a 19% ownership stake in the St. Regis Aspen Resort, a five-star hotel that is located in Aspen, Colorado.
In a release, tZERO CEO Saum Noursalehi said they are thrilled to see the St. Regis Aspen digital security trading on the tZERO trading platform.
“Digitizing and trading private securities like Aspen will be the future model that will enable broader investor access, provide liquidity optionality, and reduce cost of capital.”
The issuer of the St. Regis Aspen digital security, Aspen Digital, Inc., is managed by ER-RE, LLC., a subsidiary of New York-based real estate asset management and advisory firm Elevated Returns, LLC. The St. Regis Aspen Resort is the first digital security within Elevated Returns’ portfolio. Elevated Returns says it will tokenize roughly $1 billion of real estate projects using the Tezos FA1.2 smart contracts in the future.
Stephane De Baets, Elevated Returns President, stated:
“We view today’s announcement as an important step towards unlocking liquidity to quality real estate projects, which has the potential to open the door to a $60 trillion commercial real estate market. tZERO has distinguished itself from its peers as the leading liquidity platform for private assets, and we are excited to provide investors with a venue to trade the St. Regis Aspen digital security.”
Shares in Overstock have risen dramatically in recent months due to the demand for the eCommerce platform and a new management team. The success of Overstock has enabled tZERO to continue its pursuit of becoming a leading digital asset marketplace.
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