Blockchain-based real estate platform RealBlocks has successfully closed a round of seed capital financing backed by digital asset manager Morgan Creek Digital.
According to the announcement, a round of USD 3.1 million was led by the US-based trading company, Science Inc., with the participation of Morgan Creek Digital, Zelkova Ventures, Ulu Ventures, and Cross Culture Ventures. The specific amounts of investment were not disclosed.
The rise of a decentralized platform
RealBlocks has designed a decentralized platform that tokenizes shares of private equity funds. It also allows real estate investors to sell shares in national and international markets, accept payments in digital and fiat currencies, and enable peer-to-peer trading on their bulletin board. In explaining the investment, Anthony Pompliano, founder of Morgan Creek Digital, said:
“2019 will be an incredibly important year for blockchain projects […] One of our core theses at Morgan Creek Digital has been that all stocks, bonds, currencies, and commodities will be tokenized at some point in the future.”
Last year, Morgan Creek Digital, backed by institutional investment firm Morgan Creek Capital with USD 1.5 billion in assets under management, launched its own digital asset index fund, in partnership with Bitwise Asset Management.
A long time working with blockchain technology
The fund provides accredited investors, funds, pensions and other approved institutional investors the possibility of obtaining indirect exposure to Bitcoin (BTC), Ethereum (ETH) and other eight large market capitalization assets, excluding Ripple (XRP) and Stellar (XLM), since they were created through a preview.
Blockchain has been extensively tested in real estate to store data, issue digital mortgages and moderate land registration. In June, the Netherlands Property Registry announced that it would test blockchain technology for national real estate data. In October, the Bank of Communications of China successfully issued USD 1.3 billion in securities backed by residential mortgages using blockchain technology.
Also published on Medium.