12.8 C
Manchester
September 23, 2020
Image default
Bitcoin

The French company Fintech will tokenize properties in Paris Blocksats

The French fintech company ID Distribution announced the creation of a joint venture with a local real estate company Groupe JRI. The purpose of cooperation is to tokenize Paris real estate.

Tokenization of Paris real estate

ID Distribution, a French company, has announced the creation of a joint venture with a local development company Groupe JRI. The purpose of the partnership is to tokenize various properties in Paris.

As announced on June 17, ID Distribution and Groupe JRI are planning a joint issue of security tokens and bonds listed on the Frankfurt Stock Exchange to purchase property in central Paris. The total amount of funds to be used during this project is EUR 70 million (approximately PLN 312 million). These funds will be used to purchase five facilities, which will then be rented.

The use of tokens is intended to strengthen capital more than would be possible with traditional credit instruments. In addition, security ID Distribution and Groupe JRI tokens will have a profitability of 6.5%. They will be issued on a private block chain via the wezee.io tokenization platform.

ID Distribution’s financial director Christophe Kourdouly claims that the main advantage of tokenized investment agreements is that they do not weaken capital or generate debt, unlike traditional financial instruments. Instead, he stated that digital assets “strengthen the company’s balance sheet.”

Kourdouly also noted that cryptocurrencies cannot be accepted as a means of payment for company security tokens due to compatibility issues. He added that the STO approval of the company was greatly facilitated because it already has bonds listed in Frankfurt that comply with applicable regulations.

Real estate tokens

On February 8, African tokenization platform Flyt announced plans to conduct the first STO on the continent in the real estate industry. The FLYT token will be used to buy shares of Flyt Hospality Fund – a fund registered in South Africa that invests in hotels and apartment buildings.

On January 15, BrickMark purchased an 80% stake in a sales office located in the central business district of Zurich, Switzerland, with an area of ​​1,600 square meters. The purchase was made using BrickMark tokens worth USD 135 million.

Related posts

Paul Le Roux heard 25 years in prison Blocksats

Aparnna Hajirnis

Mike Novogratz: “Bitcoin rally is just beginning”

Anupreet Kaur

ETH 1.1 million is already stacked in the Ethereum 2.0 test network |

Aparnna Hajirnis

Leave a Comment