Blockchain-Driven Real Estate Platform Closes Seed Funding Round Backed by Morgan Creek

Published at: Jan. 25, 2019

Blockchain-based real estate platform RealBlocks has successfully closed a seed funding round backed by digital assets manager Morgan Creek Digital, a press release reveals Friday, Jan. 25.

Per the announcement, a $3.1 million round was led by United States-based commerce company Science Inc. with participation from Morgan Creek Digital, Zelkova Ventures, Ulu Ventures, and Cross Culture Ventures. The specific amounts of investment were not disclosed.

RealBlocks has designed a decentralized platform that tokenizes shares of private equity funds. It also allows real estate investors to sell shares at both domestic and international markets, accept payments in digital and fiat currencies, and enable peer-to-peer trading at its bulletin board. Explaining the investment, Anthony Pompliano, founder of Morgan Creek Digital, said:

“2019 is going to be an incredibly important year for blockchain projects [...] One of our core theses at Morgan Creek Digital has been that every stock, bond, currency, and commodity will be tokenized at some point in the future."

Last year, Morgan Creek Digital, backed by the institutional investment house Morgan Creek Capital with $1.5 billion in assets under management, launched its own digital asset index fund in partnership with crypto-focused Bitwise Asset Management.

The fund gives accredited investors, endowments, pensions and other approved institutional investors the possibility to gain indirect exposure to Bitcoin (BTC), Ethereum (ETH) and eight other large market cap assets, excluding Ripple (XRP) and Stellar (XLM) as they were created through a pre-mine.

Blockchain is widely tested in real estate to store data, issue digital mortgages and moderate land registry. In June, the Netherlands’ Land Registry announced it would test blockchain technology for national real estate data. In October, the Chinese Bank of Communications successfully issued $1.3 billion of residential mortgage-backed securities using blockchain technology.

Tags
Blockchain
Tokens
Real Estate
Related Posts
Thai SEC issues license to Ethereum-based real estate project
The Securities Exchange and Commission of Thailand has a license to an asset-backed token offering service based on the Ethereum blockchain. Fraction, a wholly owned subsidiary of the Hong Kong-based fintech firm Fraction Group, has received a license allowing it to list and trade tokens for fractional ownership of physical or digital assets, the firm announced Thursday. The license was granted through the Thai SEC’s official portal for initial coin offering established back in 2018. The license lays out the foundation for Fraction’s upcoming service for asset digitization and fractionalization, referred to as an initial fraction offering (IFO). The firm …
Adoption / Sept. 20, 2021
‘Overwhelmingly centralized’ tokenization platforms have a new rival
Tokenization platforms are “overwhelmingly centralized” and lack the scalability needed to be a force in the open finance movement, according to developers behind a new protocol. AMPnet says there is no shortage of innovative projects that are making their vision for a more inclusive financial future — but crucial pieces in the puzzle are currently missing. “Houses, apartments, renewable energy power plants, land, traditional financial instruments, company equity and much, much more are all locked away — not to be used or seen by the blockchain market. Five hundred trillion dollars in assets — just waiting to be brought to …
Technology / May 10, 2021
South Korean Co-Working Space Operator SparkPlus Turns to Blockchain
Seoul-based co-working space operator SparkPlus has partnered with blockchain funding platform Kasa Korea, according to a Dec. 17 report from The Investor. The partnership will aim to innovate the city’s sharing economy by means of a decentralized platform that reduces the barriers to entering the real estate market by promoting collective and indirect fundraising. Tokenizing real estate According to the report, SparkPlus plans to open co-working centers at properties listed on Kasa Korea’s blockchain platform. The latter’s platform has been designed for the tokenization of real estate beneficiary securities in the form of issuing digital asset-backed securities that have real …
Blockchain / Dec. 17, 2019
Burj Khalifa Developer Emaar to Launch Tradeable Reward Token EMR
Dubai-based real estate giant Emaar Properties has released its new blockchain token-based referral and loyalty platform. Real monetary value Emaar, which developed the world’s tallest building, the Burj Khalifa, as well as the Dubai Mall, is planning to launch the EMR token for rewarding its customers, local publication Arabian Business reports Oct. 17. Based on JPMorgan’s blockchain platform Quorum, EMR tokens will be redeemable not only within Emaar’s real estate network, including hotels, ecommerce operations and malls, but also can be traded with other users, the report says. According to Arabian Business, both the blockchain platform and EMR token are …
Blockchain / Oct. 17, 2019
TZERO to Tokenize $25M of Luxury Residential Development in UK
Overstock’s blockchain arm tZERO will provide its technology to tokenize River Plaza, a luxury residential development in Manchester, United Kingdom. Following a partnership with U.K.-based real estate investment firm Alliance Investments, tZERO plans to tokenize at least $25 million of River Plaza on the Tezos blockchain, according to a press release on Oct. 30. A 180-unit luxury residential development, River Plaza is the first initiative of Alliance Investments’ real estate tokenization plan to tokenize around $640 million of real estate projects across the U.K. over the next several years. The security token offering is expected to launch in Q1 2020. …
Blockchain / Oct. 30, 2019