tZERO Plans to Support Trading of Aspencoin Ski Resort Digital Security
Token issuer Aspen Digital raised $18 million selling digital shares of the St. Regis resort in 2018.
Jul 22, 2020 at 6:11 p.m. UTCUpdated Aug 19, 2021 at 3:16 a.m. UTC
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tZERO President Saum Noursalehi said Wednesday his token trading platform plans to enable trading of St. Regis Aspen Resort digital securities later this quarter.
- The security-token focused offshoot of Overstock.com will support trading of “Aspen Digital Tokens” (ASPEN) in partnership with token issuer Aspen Digital Inc, a subsidiary of the real estate firm Elevated Returns LLC, the firms said in a press release.
- ASPEN’s cumulative shares represent a 19% indirect ownership stake in the five-star St. Regis Aspen Resort later. Aspen Digital Inc raised $18 million when it sold the security tokens to accredited investors in October 2018.
- Noursalehi told CoinDesk that ASPEN will become the alternative trading system's (ATS) first third-party digital security when it joins TZROP and OSTK, both associated with Overstock family companies.
- Though ASPEN was Elevated Returns’ first digital security, and it's first to come to tZERO, it is not expected to be the last. "We are looking forward to a long-term partnership beyond the Aspen security," Noursalehi said.
- Elevated Returns plans to tokenize around $1 billion in real estate projects in the coming years. President Stephane De Baets says his firm "expects a few offerings to go live in its Asian ecosystem before year-end."
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