Zug-based blockimmo is aiming to become the go to marketplace for real estate tokenization and a technology provider for asset tokenization. Now, the startup announced the completion of a seed round. Investors received their shares in the form of digital assets.
In preparation for the seed money round, blockimmo tokenized 20 percent of its equity. The security token called IMMO is synchronized with a global certificate, which holds the capital in form of participation certificates. The global certificate is held by Bank Frick. «We allocate great importance to the tokenization of financial instruments and are convinced that a significant increase in efficiency is possible. Consequently we are very pleased to support blockimmo in this innovation», says Ralph Haldner (picture: middle), Director of Funds & Products at Bank Frick.
By distributing the shares in the form of digital assets, blockimmo provided its investors with shares that were tradable already within 24 hours of their distribution. The IMMO tokens are traded on STX SWISS, all legal functions of the participation certificates are represented in a smart contract and the digital register is located on the public Ethereum blockchain.
The startup, which is on the verge of becoming the go to marketplace for asset tokenization sees the seed round as a confirmation of the potential of its technology. «As we demonstrate by tokenizing our own company share, our technology can be applied to any asset class», says Bastiaan Don (picture: left), founder and Managing Director of blockimmo.
(Press release/SOK)
(Picture: ZVG/ left to right: Bastiaan Don, Raphael Haldner and Julian Gretzinger).
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