Overstock's blockchain arm tZERO will provide its technology to tokenize River Plaza, a luxury residential evolution in Manchester, United Kingdom.

Following a partnership with U.Thou.-based real manor investment firm Alliance Investments, tZERO plans to tokenize at least $25 million of River Plaza on the Tezos blockchain, according to a printing release on Oct. 30.

A 180-unit luxury residential development, River Plaza is the kickoff initiative of Alliance Investments' real estate tokenization plan to tokenize around $640 million of real estate projects beyond the U.K. over the next several years. The security token offering is expected to launch in Q1 2022.

Democratizing access and enhancing liquidity

Specifically, River Plaza's security tokens are expected to boost real estate liquidity for investors through tZERO's secondary trading, which is operated by tZERO's broker-dealer subsidiary PRO Securities.

The CEO of tZERO, Saum Noursalehi, said that tokenizing real manor assets will democratize investor access to projects and ameliorate liquidity in the marketplace.

Citing a 2022 Savills Earth Research Written report, tZERO stated that at $217 trillion, real estate represents the largest nugget class in the world, but merely one-third of that class is reasonably available to the public.

In mid-September, American blockchain real manor investment firm AssetBlock launched its commercial real estate investment platform using the Algorand blockchain. The firm reportedly partnered with luxury hotel asset manager Lodging Capital Partners to tokenize $60 1000000 of exclusive hotel properties.

On October. 17, Dubai-based existent manor giant Emaar Backdrop introduced its new blockchain token-based referral and loyalty platform, too revealing plans to launch the tradeable and redeemable EMR token.