Tezos Foundation joins an alliance to Tokenize £500m worth of UK Real Estate
By Inkarias - 2019-10-30
Tezos Foundation and tZero blockchain leaders join a new opportunity to increase general adoption for the crypto currencies and the blockchain in general. UK-based Alliance Investments, a direct-to-developer real estate investment company has announced today its plans to tokenize £500m of real estate projects across the UK over the next several years. The first project of this real estate tokenization plan is “River Plaza”, a 180-unit luxury residential development located on the banks of River Irwell and at the opposite of Castlefield in Manchester.
New opportunitiesTezos Foundation partners with several important actors to realize that objective. With the collaboration with tZERO, Megalodon, Alliance Investments' River Plaza project is the UK's first real estate-backed security token offering (STO) worldwide. ( You can find more information about River Plaza here www.riverplazamanchester.com.) The group has decided to collect money through STO and is confident regarding this type of investment. As the team shared, they truly think that a STO is a more efficient, cost-effective, autonomous and democratic way than traditional financing.
Tezos Foundation Board Member Hubertus Thonhauser stated earlier:
We are impressed by Alliance Investments' entrepreneurial vision to redefine real estate ownership and tZERO's mission to make liquid assets available to a broad audience. It is our mandate to power real world use cases of blockchain adoption with the most advanced open source technology, and we are excited to work with Alliance and tZERO to make this a reality.
The £500m of real estate projects will be tokenized over the next several years in all regions of the UK with projects ranging from residential and student accommodation to commercial and hospitality properties. According to the roadmap specified, the River Plaza building is scheduled to be complete in the third quarter of 2022.More details regarding this alliance at https://tezos.com/