tZERO, a provider of financial innovation and liquidity for private companies, announced today that secondary trading of the St. Regis Aspen digital security commenced on the tZERO ATS, marking the platform’s first third-party security. In addition, this is the first digital security trading on a regulated platform that utilizes the Tezos Blockchain.
The shares represent approximately 19 percent of ownership in the St. Regis Aspen Resort, a five-star, 179-room luxury hotel that is located in Aspen, Colorado.
tZERO CEO Saum Noursalehi stated, “We 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 intends to tokenize roughly $1 billion of real estate projects using the Tezos FA1.2 smart contracts in the future.
Elevated Returns President Stephane De Baets said, “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.”
tZERO is a technology firm with the goal of democratizing access to private capital markets. tZERO is a subsidiary of Medici Ventures, the blockchain-focused, wholly owned subsidiary of Overstock.com, Inc. (NASDAQ:OSTK).