The Japanese trading bank MBK, based in Tokyo and listed on the Tokyo Stock Exchange, has signed an agreement on the tokenization of real estate in Estonia.
MBK said it will partner with Tallinn-based BitOfProperty (BOP), which is already selling partial ownership of real estate to the country. BOP said that there are currently five real estate properties in the capital with a yield of 5.3% to 6.59%.
BOP will be engaged in the acquisition of real estate and will work with MBK to convert assets into blockchain-based tokens, which will then be sold through the Estonian company Angoo Fintech, acquired by MBK in May 2019.
MBK is active in the cryptocurrency and blockchain industry. Last month, the bank said it had signed an agreement with BS Securities, listed on the Hong Kong Stock Exchange, to collaborate on offering token stocks and supporting business development in Japan and China.
Real estate tokenization is becoming more popular. Last month, startup AssetBlock launched a platform for trading commercial real estate tokens in the Algorand blockchain. In addition, it recently became known that tZERO and Tezos tokenize real estate in the UK for a total of £ 500 million.
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