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SK Securities partners with blockchain startup Kasa Korea to tokenize real estate

Image Credit: Yonhap

Thu, 05 Sep 2019, 05:12 am UTC

Korean financial services company SK Securities has entered into a partnership with blockchain startup Kasa Korea to develop a platform for tokenizing real estate.

According to media outlet Yonhap News, the companies signed a business agreement and planned to work on the “Digital Real Estate Beneficiary Distribution Platform” service.

Based on the real estate securitized beneficiaries issued by real estate trust firms, the digital property shares of Kasa Network will enable investors to trade pieces of real estate.

SK Securities plan to cooperate with Kasa Korea by offering a platform linked account opening services. “We will provide valuable investment alternatives through collaboration with [K]asa Korea, which is noted for its innovative services,” an official from SK Securities said.

For Kasa, this means that SK Securities can process Know Your Client compliance, Ledger Insights noted. Further, SK provides access to a large pool of investors who are also existing clients of SK Securities.

The report also noted that SK Securities used to be a part of the SK Group, but J&W Partners became the largest stockholder in 2018.

As previously reported, Kasa Korea was granted approval to test a blockchain-based financial service that issues and distributes mortgage-backed securities (MBS) in the form of electronic securities. KB Kookmin Bank and KEB Hana Bank were reportedly chosen as the partners of the project.

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