Tezos-based exchange ERX will list a first ICO in July With Thai SEC Approved Filing. The ICO will be for $80M and will be a real estate-backed public offering with simultaneous listing on ERX.
The long awaited activation of the Tezos-based exchange ERX, developed by Elevated Returns, will have its first active listing with Tezos-based real estate STO. This is due to the Thai SEC formally accepting the filing.
The token is called NBIT and is an USD 80 million real estate backed token. ICO starts in June, listing on ERX will be in July this year.
Stephane De Baets, Founder & President of Elevated Returns stated:
Amazing news the Thai SEC has formally accepted our filing . USD80m real estate backed token public offering with simultaneous listing on ERX. Marketing start tomorrow .ICO in June . Listing July .This is Tezos based NBIT token.
An STO is a Security Token Offering. This means that these tokens are classified as securities and that trading them will need to be done while following strict regulations.
This can be done by implementing all the rules and restrictions of these regulations through smart contracts on the Tezos blockchain in these tokens.
Each STO will have their own regulations to follow and thus will each STO willhave their customized rules and restrictions implemented.
Trading STOs and registering them on blockchain allows the automation of several processes in an immutable and transparent way. This brings many advantages such as cost reduction and large reduction in process times. (For example legal processes).
Another advantage of tokenizing assets such as real estate into STOs, is the fact that large assets can be sold fractionalized. An entire building can now be owned by a large number of investors who all share in the revenue that building brings.
At the same time, selling and buying fractions of such an asset can be done simply by trading tokens.
The Tezos blockchain is an important component of ERX. All traders that register on ERX will have personal addresses on the Tezos blockchain.
Due to the fact that users will need a separate address for each asset they own on ERX, every user will eventually have several Tezos addresses to his or her name.
Initial trades will be made in the custodial wallet and all transactions will be registered on the Tezos blockchain in batches. This way customers will be able to pay in fiat, while ERX takes care of the transaction costs which are paid in XTZ.
Why Tezos addresses? This is because all assets that are traded on ERX will be registered on the Tezos blockchain. And all the necessary info will be needed to be able to comply with the Thai SEC can be registered using Tezos’ token standards.
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