Real Estate worth $65m up for sale through cryptocurrency

real estate sale through crypto

Cryptocurrencies and Blockchain technology are being used for various purposes in multiple sections of the industry. Even so, many people are still unfamiliar with most of its applications and often confuse one aspect with another.

The CEO of Inveniam Capital Partners (ICP) shed some light on the terms tokenized securities and security tokens. A security token is just a crypto token which follows the laws set for securities.

On the other hand, tokenized security is a term used when real objects in the world are sold through cryptocurrency shares. This way the technology provides a high level of transparency to the investors.

He then shared his plans for implementing the idea. The company is planning on tokenizing real estate worth around two hundred and sixty million ($260m). The four properties will be sold in shares with the first property worth sixty-five and a half million ($65.5m). This is going to be the highest value real estate to be auctioned this way.

The company has already deposited money through Bitcoin on the building and once the other three are finalized the firm will hold the auction for the shares

A Dutch auction would be held to sell the shares which would mean that the investors will place their own bids defining what shares they want and their method of payments. The company will then be accepting bids in the top 50 cryptocurrencies and all tokens will be distributed in order of bid values from highest to lowest.

The bidders are required to hold around ten million ($10m) in virtual currencies to be able to bid and must have a minimum purchase of five hundred thousand dollars ($500,000).

Recently tokenized sales of real estate have become increasingly popular not on such a large scale but is being implemented by other companies as well like Templum Markets and Harbor.

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

Related News

Hot Stories

Seth Green loses his 4 NFTs in a Phishing scam; begs not to buy them.
Dogecoin price analysis: DOGE/USD set to break above $0.1 soon?
Do Kwon moves on LUNA`s revival plan despite 90% rejection votes
Dogecoin Price Prediction 2022-2030: On its Path to Recovery?
Recession talks surge, Elon Musk predicts one lasting up to 18 months as crypto tanks

Follow Us

Industry News

South Korean government revives ‘Grim Reapers’ as Terra`s collapse puts it on the regulation edge
TFL's legal team has left the company amid the LUNA crisis
Do Kwon moves on LUNA`s revival plan despite 90% rejection votes
Japan's banking giant Nomura set to launch crypto division
Leading Korean law firm to sue Do Kwon amid UST and LUNA ordeal