tZERO, Tezos Foundation to Tokenize £500 Million in UK Real Estate

The blockchain startups will tokenize portions of properties financed by U.K.-based Alliance Investments.

AccessTimeIconOct 30, 2019 at 1:16 p.m. UTC
Updated Sep 13, 2021 at 11:38 a.m. UTC

Overstock’s security token platform tZERO and the Tezos Foundation have partnered on a project that will tokenize £500 million ($643 million) in planned real estate development.

Announced Wednesday, the blockchain startups will tokenize portions of properties financed by U.K.-based Alliance Investments, which will then be opened up to investors.

Rani Zahr, CIO of Alliance Investments, said in a statement:

“Raising funds through an STO is more efficient, cost-effective, autonomous and democratic than traditional financing. We believe that we are at the forefront of a technological change that can disrupt the current funding paradigm.”

The first offering is due in Q1 2020, when tZERO will issue security tokens that represent £20 million in equity of a water-front development currently under construction in Manchester.

“This one building, a large multi-storage development, [is a] first for Alliance, but represents a large pipeline that they intend to fund using STOs [security token offerings],” Roman Schnider, chief financial officer at The Tezos Foundation, told CoinDesk.

The Tezos protocol will serve as the base infrastructure to “deploy, transfer and store the digital assets and smart contracts,” which will then be offered for secondary trading on the PRO Securities alternative trading system, an SEC-registered subsidiary of tZERO.

Other real estate developments will be tokenized over the course of several years, with the companies saying they would include residential and student accommodation, as well as commercial and hospitality properties. Financial consultant Megalodon has been tapped as an advisor for the project.

Manchester riverfront image via Shutterstock


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.


CoinDesk - Unknown
Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities

As Three Arrows Capital collapsed under market pressure, its much-lesser known trading desk, TPS Capital, remained active, sources say. But a complex ownership structure might frustrate creditors' efforts to collect.

CoinDesk - Unknown
CoinDesk - Unknown
June Was Bitcoin’s Worst Month Ever

Plus, European crypto regulation comes into view.

CoinDesk - Unknown
CoinDesk - Unknown
What Traders Are Saying About Bitcoin's Biggest Monthly Loss in 11 Years

Poor macroeconomic sentiment, fears of inflation and systemic risks from the crypto market pushed the cryptocurrency below 2017’s highs.

CoinDesk - Unknown
CoinDesk - Unknown
Three Arrows Capital Files for Bankruptcy in New York Tied to British Virgin Islands Proceeding

A British Virgin Islands court ordered Three Arrows' BVI branch into liquidation earlier this week.

CoinDesk - Unknown