tZERO has partnered with ROI Group, a real estate development company, to digitize up to $50 million of preferred equity in a luxury hotel and residential development located in downtown Dubai, according to a release. The tokenization will utilize the Tezos Blockchain.
This is said to be the first digital security project for the New York-based Roi Group. The company is said to hold billions of dollars in assets under management.
The digital security will use tZERO’s smart contract technology and Megalodon’s management consultancy services. ROI Group says it expects to issue the digital securities in Q3 of 2021, and the development of the building is expected to be completed in Q4 of 2023. The digital security should become tradable on the tZero ATS.
tZERO CEO Saum Noursalehi stated:
“Our partnership with ROI Group™ has the ability to transform the real estate sector and builds upon our momentum in the space. We are excited about our project to digitize and trade up to $50 million in this landmark luxury hotel and residential development.”
ROI Group CEO Martin Scholz said, they are excited to utilize tZERO’s smart contract technology on the Tezos Blockchain for their first digital:
We look forward to collaborating with tZERO on future real estate projects.”