Real estate tokenization platform, RealBlocks has recently raised almost $3.1 million in a seed funding round led by Morgan Creek Digital, Cross Culture Ventures, Ulu Ventures, Science Inc., and Zelkova Ventures.
The Blockchain-based platform for the real estate business has acquired the huge amount of starting capital from leading financial institutions to reportedly help users receive easily tradable tokens for their real estate properties.
In a press release by the company, they announced that the first round of funding was closed after receiving a cumulative amount of $3.1 million from well-known venture capital firms.
However, the actual amount invested separately by the firms was not disclosed.
As a decentralized real estate platform, RealBlocks allows users to tokenize shares of private equity and trade the tokens in local and international markets. Additional features available on RealBlocks include the option to accept payments in the form of both cryptocurrency and fiat money and the ability to use the network to engage in peer-to-peer (P2P) trading.
Anthony Pompliano, the Founder of Morgan Creek Digital, talked about the new deal closed by his company:
“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.”
The Founder and CEO of RealBlocks, Perrin Quarshie, said:
“With the support of our strategic investors, we’re accelerating development of our product and adoption of Blockchain technology for real estate, an industry that previously hasn’t seen much innovation. This is a great opportunity to improve the investment experience for both sponsors and investors while also minimizing friction throughout the entirety of the process.”
According to the announcement made by the company, RealBlocks strives to provide more efficient access to investors that are located outside of the US. This is intended to “accelerate capital formation for real estate sponsors.” RealBlocks’ users may also work with various established private equity firms throughout the world.
RealBlocs’ users receive assets in the form of an “asset-backed token” or a share that “represents ownership” of a property or other type of offering on the website. Users may trade the tokens on the RealBlocks platform through a built-in P2P “bulletin board.”