tZERO President Saum Noursalehi said Wednesday that 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.”