tZERO, a leader in blockchain innovation and liquidity for digital assets, has partnered with ROI Group, a global real estate development company, to digitise up to $50 million of preferred equity in a luxury hotel and residential development located at Downtown Dubai on the Tezos Blockchain.
A technology firm, tZERO aims to enable the market to securely tokenize and trade digitally enhanced securities. It is part of Medici Ventures, the blockchain-focused, wholly owned subsidiary of Overstock.
ROI Group, which is headquartered in New York, has multi-billion dollars in assets under management, with properties in the US, Canada, and the Middle East. It specialises in land development, real estate investments, and passive co-investing.
The partnership represents ROI Group’s first digital security project of what could be one of many future digital security offerings.
ROI Group CEO Martin Scholz said: "We have had several partnerships with the world’s leading real estate companies, brands, financial institutions, and now technology firms."
"We are excited to utilize tZERO’s smart contract technology on the Tezos Blockchain for our first digital securities offering to provide access and liquidity to commercial real estate. We look forward to collaborating with tZERO on future real estate projects," he added.
On the tie-up, tZERO CEO Saum Noursalehi said: "It 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 Dubai luxury hotel."
"A real estate digital security offering is the process of raising capital and issuing digital securities representing ownership and economic interests in an underlying asset," stated the official.
The ability to provide secondary liquidity for investors on a regulated trading platform is an important differentiator for traditionally illiquid assets, such as real estate, he added.-TradeArabia News Service
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