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Real estate investment firm AssetBlock launched a new platform for trading commercial properties on Algorand, the next-generation proof-of-stake blockchain.
As per a press release, the firm teamed up with luxury hotel asset manager Lodging Capital Partners (LCP) to tokenize $60 million worth of exclusive hotel properties on Algorand blockchain.
Claiming to decentralize the real estate market, AssetBlock’s platform makes the real estate market accessible not only to institutional investors but also to individuals. The recent move makes the industry more accessible to small-time buyers.
“We saw an opportunity to build a solution that brings traditional and non-traditional real estate investors and professionals together efficiently, creating more opportunities for all involved,” Mike Liddell, AssetBlock CEO and Founder, said.
LCP has reportedly a portfolio of properties worth more than $1.5 billion. Its Principal and CIO Steve Kisielica said that the partnership brings LCP to a new pool of investors “which allows us to fundraise and expand our business more efficiently.”
He also believes that the real estate investment community should welcome blockchain technology to remain competitive.
On the other hand, Algorand CEO Steve Kokinos thinks that tokenization enhances access to global investments. He told CoinDesk, “I think, at its core, the idea is to use tokenization and decentralized central currencies to democratize finance.”
Meanwhile, the Algorand uses the ALGO cryptocurrency; however, investors cannot trade their tokens for real estate stakes yet. The report also revealed that the new platform will not go live until mid-October.
Just recently, San Francisco-based startup Harbor tokenized the shares of iCap Equity’s four real estate funds managing more than $100 million in assets using the ethereum blockchain. The move will allow iCap’s 1,100+ investors and 17 placement agents to buy and sell iCap securities with one another.
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