Blockchain real estate investment firm AssetBlock has announced the launch of a new platform on Algorand’s blockchain. The firm aims to trade commercial real estate items tied to tokens on the Algorand.
AssetBlock has partnered with luxury hotel asset manager Lodging Capital Partners for tokenizing $60 million of exclusive hotel properties on Algorand. This partnership will help crypto savvy investors access the properties which are not available to the public. They will also be able to directly exchange Algos(the digital currency of Algorand) for their share in the properties they want to own. However, the tokenized properties will not go live until Mid-October.
The reason AssetBlock chose Algorand because it is a borderless economy that eliminates global barriers to entry and decentralizes participation. It also efficiently brings together investors and opportunities and meets AssetBlock’s high standards for security and compliance. Moreover, Algorand’s fast transaction times is the blockchain’s greatest advantage for real estate.
AssetBlock will continue adding more real estate partners and properties. Further announcements will come out soon regarding this. Recently, Harbor, the blockchain firm is tokenized $100 million in real estate funds on Ethereum blockchain. The startup collaborated with iCap Equity, the real estate investment company of Seattle for the tokenization, the source says.