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The Island of Tessera in the Venice Lagoon Will be Tokenized on the Fintech Platform Elviria

The tokenization process proposed by Elviria, allows tokens to be listed also on secondary markets that have partnered with Elviria, among which we find Archax, the first UK secondary market for Security Token authorized but that, as anticipated to BeBeez by Franco Mignemi, will increase in the coming weeks with new partnerships on the US and Asian markets.

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The Island of Tessera, once a military garrison of the Republic of Venice, located in front of the island of Murano and with a splendid view of the Campanile and the Basilica of Piazza San Marco in Venice, will be tokenized on Elviria, the alternative investment platform of Ephelia Capital, a Swiss-registered investment bank, part of the British group Ephelia Global Services Ltd, founded by the fintech entrepreneur Franco Mignemi and active in asset management and protection services, with offices in five jurisdictions.

If you want to find more about the tokenization of the Island of Tessera on the fintech platform Elviria and to read the latest business headlines in the world, download for free the Born2Invest mobile app.

The bidding on Elviria will start this week

Elviria has in fact structured a UK-registered SPV, which aims to raise among investors $14.5 million, needed to purchase the island and develop the project to recover and relaunch the real estate assets, with investors able to purchase either shares in the SPV or tokens (tokens) representing those shares.

The tokens, which in turn can be purchased in currency or cryptocurrency, can be issued as FT (Fungible Token, and therefore divisible) or as individual NFT (Non Fungible Token, i.e. real individual assets, unique in their kind, just like works of art, and therefore not replicable). The tokens can be created on a blockchain of your choice between Ethereum, Binance, Polygon, or Avalanche. Finally, the tokenization process proposed by Elviria, allows tokens to be listed also on secondary markets that have partnered with Elviria, among which we find Archax, the first UK secondary market for Security Token authorized but that, as anticipated to BeBeez by Franco Mignemi, will increase in the coming weeks with new partnerships on the US and Asian markets.

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The green light for the recovery plan of the Island of Tessera, which boasts a total area of about 8000 square meters, had been deliberated in 2012 by the City of Venice at the request of Tessaglia srl, a company owned by Lorenzo Marinese, then declared bankrupt by the Court of Venice in May 2018.

Marinese, with a project of the architect Marino Folin, former rector of the University Iuav of Venice, had planned to transform the island into a new luxury resort with the recovery of the structure of the ancient military battery, first Venetian and then Austrian. Following the declaration of bankruptcy of the company, in July 2019 a first auction had been called by the Court, which started from a base valuation of $3.7 million (€3.24 million). The auction, however, was deserted and a second one was called in March 2020 with an auction base of $2.5 million (€2.2 million). The bidding on Elviria will start this week.

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(Featured image by bogitw via Pixabay)

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First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

Suzanne Mitchell juggles the busy life of a full-time mom and entrepreneur while also being a writer-at-large for several business publications. Her work mostly covers the financial sector, including traditional and alternative investing. She shares reports and analyses on the real estate, fintech and cryptocurrency markets. She also likes to write about the health and biotech industry, in particular its intersection with clean water and cannabis. It is one of her goals to always share things of interest to women who want to make their mark in the world.

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