Aspencoin is upgrading its US$18 million worth of digital securities (representing an equity portion of the St Regis Aspen Resort in Colorado valued at US$224 million). The upgrade ensures the tokens are compliant with US law.
The newly upgraded token will be managed on the Securitize platform using Securitize’s DS Protocol, making it tradeable across multiple exchanges and marketplaces. The digital securities are a way for investors to purchase an indirect and fragmented equity ownership in the Aspen St. Regis, an iconic luxury ski resort.
“It is our mission to create an ecosystem for real estate tokenization in the crypto world. We want to enable investors to benefit from the accessibility, liquidity and transparency of real estate digital securities,” said Stephane De Baets, Founder and President of Aspencoin and Elevated Returns.
Aspencoin was created by hospitality asset management company Elevated Returns.
“The rich features of digital securities (efficient capital formation, investor relationship automation, coded compliance and liquidity) manifests well in larger companies, so we’re very excited to see the rollout of the tokenization of the St Regis Aspen Resort,” said Carlos Domingo, Founder & CEO of Securitize.
Aspencoin closed its digital securities sale in October 2018. The upgrade will not generate any new Aspencoin digital securities for sale. Anyone wishing to purchase Aspencoins will be able to do so once they are listed on compliant digital security marketplaces and exchanges.
Securitize recently raised US$12.75M in funding from blockchain technology investors Blockchain Capital, Coinbase Ventures, and Xpring at Ripple, with plans to digitize legacy securities globally.
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