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The startup blockchain Fluidity has partnered with the broker-dealer company Propellr to make a piece of Manhattan real estate on the Ethereum network.
Fluidity, a cryptographic technology company based in Brooklyn, offers partnerships with broker-dealers and issuers registered by FINRA to help them integrate blockchain technology into their SEC-compliant offerings.
Using smart contracts, Fluidity has developed a $ 36.5 million luxury condominium property in Manhattan, allowing investors to purchase a stake. Investors can hold tokens or sell them to other buyers.
"Literally 25-30 million people can own a piece of this for $ 1 a pop. When was this ever possible?" Asks Ryan Serhant of Nest Seekers International, one of the real estate agents involved in the business.
Khurram Dara, a lawyer for fluency, He says, "We are taking private titles and we are putting a digital envelope around that makes them easier to track and easier to transfer".
The innovative model for investors also offers real estate agents an alternative way to finance their investments. He says Serhant explains,
"If we have a bank deadline on us, where we have to sell a certain amount of units or repay the entire loan by a certain date – if the construction has been delayed, if the market turns, if the competition opens up, and we're not going to reach that deadline, what do you do?
By hurrying the debt, it gives everyone the breath to sell at a normal pace, with the market instead of against it …
We no longer need banks. If there's another crisis and the banks say, "Oh, we're having trouble lending now", ok, well, I do not need you. Because I can disclose my loan. "
The co-founder of fluid dynamics, Michael Oved, says the new platform is a turning point in real estate.
"When we started looking at real estate, it's probably one of the most inefficient industries currently in existence – many brokers, many lawyers, many bankers and the ability to create something that has a real impact on a sector like that, I think you're seeing a "significant interruption".
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Disclaimer: the opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin or cryptocurrency. Your transfers and exchanges are at your risk. Any losses you could sustain are your responsibility. Please note that The Daily Hodl participates in affiliate marketing.
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