Inveniam Capital Partners (ICP) to Tokenize WeWork Office Building on Ethereum for $66 Million

The tokenizing of Assets on a blockchain is nothing new. The tokenizing of artwork, for example, has gained a lot of traction in the last few years. Now, things are being taken up a notch as a building is set to be tokenized on the Ethereum blockchain for $66 million.

This is being done by Inveniam Capital Partners (ICP) who intend to tokenize a total of four pieces of real estate for a total of $260 million.

The first of these is a building in Miami, Florida which will be tokenized for $66.5 million. A deposit was placed for the Miami properly last month for an unspecified amount of Bitcoin and soon, ERC-20 tokens will be available on the Ethereum blockchain for those who wish to buy a piece of the property.

More Details

While the tokens will be available on the Ethereum blockchain, the sale will take place through a Dutch auction. In this case, those who are interested will bid by specifying how many tokens they intend to purchase, how much they want to pay for each and what cryptocurrency they want to use for payment.

Speaking of cryptocurrencies, the sale will accept cryptocurrency payments in for of any of the top 50 tokens by market cap and once bidding is over, shares will be attributed from the highest bidders to the lowest bidders.

“The price that every bidder pays will be based on the lowest price of the last successful bid dependent upon the bidder’s fiat-to-crypto conversion rate limit,” a press release regarding the sale said.

While the process of buying into the property is transparent, there are some entry requirements. For starters, those who are interested must have at least $10 million in cryptocurrency and there is a minimum purchase requirement of $500,000. The sale, according to management at ICP, will be carried out according to SEC guidelines.

Another interesting detail about this deal is how the Information associated with each share is going to be handled.

According to ICP, each share comes with Information about its origins and all the transactions that have been done with it, usually amounting to decades of information. Each share being sold on the blockchain will have all this Information recorded and instantly accessible

“We built our entire software, our stack, everything we do, the way we tokenize the instrument is so the enormous amount of data that’s associated with the financial instrument … can be aggregated and is attached to the token,” it was explained.

This, they say, will aid informed decision making.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide