The Overstock Security Token Platform, tZERO, and the Tezos Foundation are partnering on a £ 500 million ($ 643 million) project for real estate development projects.

Announced Wednesday, blockchain start-ups will segment portions of properties funded by Alliance Investments, based in the UK, which will then be open to investors.

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

"Fundraising via STO is more efficient, profitable, autonomous and democratic than traditional financing. We believe we are at the forefront of technological change that could disrupt the current funding paradigm. "

The first offer is scheduled for the first quarter of 2020, when tZERO will issue security chips representing the equivalent of £ 20 million in shares of a waterfront project being built in Manchester.

"This one building, a great multi-storage development (is a first) for Alliance, but represents an important pipeline that they intend to finance with STO (security token offers)," Roman Schneider, Chief Financial Officer from the Tezos Foundation, says CoinDesk.

The Tezos protocol will serve as the basic infrastructure for "deploying, transferring and storing digital assets and smart contracts", which will then be offered for secondary trading on the alternative trading system PRO Securities, a subsidiary of tZERO registered at the SEC.

Other real estate developments will be marked in the coming years. Businesses said they would include housing for residents and students, as well as commercial properties and hotels. The financial consultant Megalodon was hired as a consultant for the project.

Manchester riverfront image via Shutterstock

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