Blocksquare has announced the launch of an Initial Coin Offering for its online real estate platform which is based on blockchain technology.
The newly launched crowdsale is the first ICO for the real estate platform and it has reportedly been capped at $300,000 and at $0.25 as a result of the volatility in the market.
The company also announced that it has teamed up with Genii Capital to kick off the pilot program for its first property which will be tokenized sometime within the second quarter of this year. The project will focus on acquiring a real estate property featuring multiple units that target students in Ljubljana, Slovenia.
The company announced that: “The time we have all been waiting for has finally come! We are announcing the first real estate property to be brought to online markets with Blocksquare’s PropToken smart contract system! We’re making ‘the complicated’ simple and ‘reserved to some’ open to everyone with an internet connection.”
Blocksquare CEO and co-founder Denis Petrovcic stated that the company is raising funds through different multi-series models that facilitate flexibility. This is vital especially in a market that is highly volatile as the cryptocurrency market has demonstrated. This is because some conditions that result from this volatility make the conditions tough for ICOs. The CEO also pointed out that the company has lowered the price of the Series A token in consideration to the community of supporters that have been part of Blocksquare’s vision.
Blocksquare claims that it is working on creating the standards and infrastructure for tokenization in the real estate industry. This also includes fractional ownership which aims to provide real estate ventures and opportunities to internet users.
The company expects its network to allow anyone to trade tokenized assets freely without being tied down by long-term obligations. This will also help in making sure that the venture opportunities align with the needs of the investors.
The company’s token which is called BST is a utility that supports the ERC20 protocol. There will be a total supply of 100 million BST. Blocksquare is one of the companies that want to exploit the advantages that blockchain can offer to the real estate market.
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