Morgan Creek Digital Backs $3.1 Million Investment into RealBlocks Blockchain Firm to Tokenize Real Estate
One of the most relevant digital assets manager of the crypto space, Morgan Creek Digital, has decided to enter a seed funding round for RealBlocks, a startup that plans to tokenize real estate assets. At the moment, RealBlocks has already received $3.1 million USD.
The company has affirmed that the first company to back the seeding round at its early stages was Science Inc., while some other high-profile investors, besides Morgan Creek Digital, include names like Cross Culture Ventures, Zelkova Ventures, and Ulu Ventures.
Perrin Quarshie, both CEO and founder of the blockchain company, has explained that the main reason for seeking investors was to accelerate the development of the platform, which is not fully developed at the moment.
When it is complete, RealBlocks will be a real estate platform based on the Ethereum network that will allow companies to raise capital using tokenized securities that will allow the investors using it to purchase parts of real estate property. According to the company’s official announcement, the main goal is to give investors to chance to use both fiat and crypto to buy private equity funds on this industry.
The idea is not new and many blockchain companies tried to tokenize real estate before, but most of them were not successful. However, the big players are betting on this company.
Anthony Pompliano, the founder and partner of Morgan Creek Digital, has revealed that the main reason for wanting to invest in this company is that every stock, bond, and commodity, he believes, will be tokenized at some point, so it is a good idea to invest in early companies that are focused on doing this before the others.
Greg Gilman, managing director for Science Inc., has agreed with Pompliano and affirmed that the real estate market will become more data-driven and digital in the future, because of this it can be a good idea to give companies like this one a chance.
This company certainly has the trust of investors, now all that it needs is to be able to develop a killer use case for tokenizing real estate and it is set to change the industry.