Multi-Million Dollar Manhattan Real Estate to Get Tokenized for Investors by Fluidity and Propellr
Fluidity and Propellr, will float tokens that will represent stocks in a Multimillion-dollar real estate in Manhattan, New York. Investors will have the opportunity to purchase as many shares as possible.
Blockchain Effect To The Real Estate Industry
The co-founder of blockchain company Fluidity, Michael Oved, is of the view that the crypto automation technology could bring in a new change of how real estate business is carried out.
In a televised video to this partnership, aired on Bloomberg, Mr.Oved talked about the current inadequacies during property acquisition for investors and how the concept of blockchain could solve these issues.
He noted that the Real Estate industry was riddled with a lot of inefficiencies, a lot of intermediaries and other stakeholders like the advocates and financial services providers.
The partnership concept was driven by the need to enable shareholders to purchase stocks in a multimillion-dollar condominium complex. Rather than selling the 12 luxurious suites individually, the idea would be to put up for sale tokenized shares to investors willing to invest in Manhattan real estate. The tokens will be supplied on a blockchain. This will allow for the process to be transparent, more secure and well-organized.
Ryan Serhant, a real estate agent noted that, by issuing tokens during the property sale, it will easier for investors to start servicing their credit facilities earlier.
He added that there was a deadline issued by the financial providers upon which they must pay the entire debt facility by a particular date. Should the construction not take place as scheduled, the market dynamics change and market rivals join in, then the deadline will not be met. Allowing the loan facility to be tokenized will ensure investors can be able to dispose of their shares easily and with the speed of the market.
Further, the joint venture between Propellr and Fluidity comes in with a lot of benefits. There will be a more transparent system of shares transfer and shares ownership monitoring. The process is not rigid to the investors. He noted that millions of people will have a chance to own a piece of the investment. And this is first of a kind.
Anthony Pompliano (pomp), a crypto investor and off the chain crypto podcast journalist noted that future investments will go the token way.
The Manhattan condominium complex investment is one amongst others who have adopted this concept. Early 2018, NewsBTC announced on digital spaces Aspen and IndieGoGo are the tokenization of shares in a luxurious ski getaway. In September, it was announced that Keppel Island was under improvement and the main financier was an ICO, whereby every token was equivalent to a stake of the luxurious getaway on the island of Great Barrie Reef.
The issue of tokenization is on an upward trend and pomp assessment on the future of modern investments. The blockchain industry is on the way to go.