Aspencoin has announced that it will be upgrading their USD $18 million worth of securities token (representing an equity portion of the St Regis Aspen Resort in Colorado valued at USD $224 million) to now be managed on the Securitize platform. The insurance will be powered by Securitize’s DS Protocol, making it tradeable in a compliant way across multiple exchanges and marketplaces.
The digital securities represent a unique opportunity for investors to purchase 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 centric asset management company, Elevated Returns, which is regarded as a pioneer of trophy real estate tokenization.
“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.
“We’re excited to help the whole industry transition from legacy technology systems to fully decentralized ledgers that are transparent, auditable and have features such as instant transfer settlement of digital security ownership for assets such as real estate,” said Domingo.
Securitize recently raised USD $12.75 million in funding from top-tier blockchain technology investors including Blockchain Capital, Coinbase Ventures and Xpring at Ripple, with plans to digitize legacy securities globally.