AssetBlock Partners Algorand to Tokenize $60M Real Estate

AssetBlock, a blockchain real estate investment firm has launched a new platform on the Algorand blockchain that will facilitate the sales of its real estate’s properties.

According to a press release today, the new service would make provision for investors to own wide-range of real estate properties that are currently not available to the general public, including upscale and luxury hotels.

“We created AssetBlock because the modern economy was in need of modern technology. We saw an opportunity to build a solution that brings traditional and non-traditional real estate investors and professionals together efficiently, creating more opportunity for all involved,” Mike Liddell, CEO, and founder of AssetBlock said.

The move saw AssetBlock partner with luxury hotel asset manager, Lodging Capital Partners (LCP) to tokenize $60 million worth of exotic real estate properties on the Algorand Blockchain.

AssetBlock, however, promised to team up with more real estate partners in the future.

Notably, since the platform is on the Algorand Blockchain, investors would be required to own and exchange the ALGO cryptocurrency for their share in the commercial properties, when service resumes fully on the platform.

As per the release, Algorand was chosen for the platform because it aligns itself with the vision of the blockchain tech – a borderless economy that eliminates global entry barriers.

Reacting to the development, the Principal and CIO of Lodging Capital Partners, Steve Kisielica commented:

“Our partnership with AssetBlock opens up LCP to a new investor pool which allows us to fundraise and expand our business more efficiently.”

He further expressed optimism that the partnership would help ensure LCP remains relevant in the real estate industry, with the firm said to have invested in real estate properties worth more than $1.5 billion since its inception.

In a similar development, Coinfomania reported last month that Limestone Network, a Singaporean blockchain startup disclosed plans to revolutionize the face of major cities in Southeast Asia via blockchain.