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tZERO ATS Begins Trading St. Regis Aspen Token

tZERO ATS Begins Trading St. Regis Aspen Token

tZERO ATS has already commenced with the security token offering (STO) of Aspen (ASPD), a digital asset that represents indirect ownership in the St. Regis Aspen Resort in Aspen, Colorado.

According to an announcement, this marks the platform’s first third-party security sale. This is also the first digital security trading on a regulated platform that uses the Tezos blockchain.

With this token sale, investors can have the opportunity of obtaining up to a 19-percent ownership in the real estate property, which is a five-star luxury hotel that has 179 rooms.

tZERO CEO Saum Noursalehi expressed his excitement regarding the double milestones that come with this STO. He said,

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 remaining 81 percent of St. Regis Aspen Resort will remain in the hands of Elevated Returns, an asset management company based in New York. President Stephane De Baets said that this STO is an “important step” toward opening the door to the $60 trillion commercial real estate market.

“tZERO has distinguished itself from its peers as the leading liquidity platform for private assets,” De Baets said, “and we are excited to provide investors with a venue to trade the St. Regis Aspen digital security.”

Prior to the Aspen token sale, Elevated Returns initially intended to sell up to $33.5 million of the hotel through an initial public offering (IPO). It now plans to tokenize up to $1 billion of its real estate projects through Tezos FA1.2 smart contracts in the future.

Jesus is the Senior Editor of CoinQuora. He's been following the crypto space since 2016, and may possibly do so indefinitely. He covers various blockchain-based developments and crypto market trends.