The latest reports indicate that Overstock’s tZERO platform has started trading Aspen’s digital security. Notably, the security token that represents fractional ownership in the St. Regis Aspen Resort, Aspen (ASPD), has started trading on the tZERO alternative trading system. St. Regis Aspen Resort is a five-star 179-room hotel in Colorado.
This news marks the first Tezos (XTZ)-based security token to go live on a regulated platform. ASPD becomes the third token that listed on tZERO. It is the first third-party platform supported by the exchange.
tZERO’s CEO, Saum Noursalehi, said:
“I am thrilled to see the St. Regis Aspen digital security trading on the tZERO platform. Digitizing and trading private securities like Aspen will be the future model that will enable broader investor access, provide liquidity optionality, and reduce the cost of capital.”
On its first day of trading, ASPD dropped slightly from $1.32 to $1.30. The president of ASPD’s issuer, Elevated Returns, Stephane De Baets, described the listing as:
“An important step toward unlocking liquidity to quality real estate projects, which has the potential to open the door to a $6 trillion commercial real estate market.”
Elevated Returns plans to tokenize an additional $1 billion worth of real estate projects making use of Tezos’ FA1.2 smart contract standard in the future. Aspen’s listing comes after an unexpected surge in trade activity that happened on tZERO. The platform hosted almost $8 million in volume in July.
In the past month, tZERO’s TZROP token exploded from $1.20 to $4. On the other hand, Overstock’s OSTKO token surged from $19.60 to $57.50. this bullish momentum has continued into August with OSTKO trading for $82 while TZROP exchanged hands for $5.10.
July was also a strong month for real estate tokens. A total of nine property tokens traded on RealT’s secondary markets recording gains of 7% to 35%.