Japan’s MBK, a TSE-Listed Merchant Bank, and BitOfProperty to Tokenize the Estonian Real Estate Market
Tokyo based merchant bank, MBK announced a partnership with BitOfProperty (BoP), A Singapore based tokenization company, to tokenize real estate in Estonia. The deal between the two companies is aiming to enhance property ownership for everyone by selling tokens backed by real estate.
According to the official report released on Oct. 30, MBK chose to join up with BoP, who has already started real estate operations in Estonia. The Singapore registered firm will be in charge of acquiring the property and transferring the ownership to the investors.
Once acquired, MBK will be responsible of the tokenization process of the real estate assets and storing them on the blockchain. The tokens will then be traded on Angoo Fintech exchange, a subsidiary of MBK, located in the EU state.
A long road to success for MBK
Before moving into the finance and technology industry, MBK started off in 1947 as a textile firm operating in Japan and China. The company has since branched out to various industries including hospitality, internet cafes and a bowling alley. However, in early 2016, the company became interested in the blockchain space partnering with Japan-based BtcBox, to form the MBK Asia.
The decision to move to Estonia is not surprising as the country leads in crypto adoption and blockchain. This is amplified by rumors that Satoshi may have originated from the country and the government’s continuous efforts to promote blockchain development there.