Startup AssetBlock launched a platform for trading commercial real estate tokenized on the Algorand blockchain.
The platform provides investors with access to commercial properties, such as upscale hotels, according to AssetBlock CEO Mark Liddell. The Algorand blockchain uses ALGO cryptocurrency, but investors can not yet exchange their ALGO for shares in real estate.
Liddell said that tokenized real estate, including those owned by AssetBlock Lodging Capital Partners, will be available to investors in mid-October.
According to the CEO, the AssetBlock platform has been under development for more than a year, and his team turned to Algorand project managers in the early stages of the development process. The Algorand network was chosen for its security and high speed.
“If you begin to consider such valuable assets as real estate, you will realize that the ultimate and absolute certainty about who owns this asset is very important. By using the Algorand blockchain, we can guarantee investors that confidence, ”he said.
In August, Algorand attracted
$ 200 million to open its own venture capital fund, and earlier the project raised more than $ 60 million through an ICO. The project was first announced last winter when MIT professor Silvio Micali received $ 4 million to create an “improved blockchain”. In addition, last fall, the project attracted an investment of another $ 62 million.
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