According to an AssetBlock press release published on Sept. 17, the firm partnered with luxury hotel asset manager Lodging Capital Partners (LCP) to tokenize $60 million of exclusive hotel properties on Algorand.
Blockchain real estate investment firm AssetBlock launches its commercial real estate investment platform on Algorand’s (ALGO) blockchain.
Opening real estate investment to everyone
As a result of the partnership, crypto-savvy investors will have access to properties that are unavailable to the public and will be able to exchange the blockchain’s native tokens for those assets.
CEO and founder of AssetBlock Mike Liddell commented on the development:
“We created AssetBlock because the modern economy was in need of modern technology. We saw an opportunity to build a solution that brings traditional and non-traditional real estate investors and professionals together efficiently, creating more opportunities for all involved.”
A notable partner
Liddell also claimed that LCP “has invested in a portfolio of properties valued at more than $1.5 billion and continues to deliver strong performance.” Principal and CIO of Lodging Capital Partners Steve Kisielica:
“Our partnership with AssetBlock opens up LCP to a new investor pool which allows us to fundraise and expand our business more efficiently. […] To remain competitive in an ever-changing landscape, it’s vital for the real estate investment community to embrace technology like blockchain that is pushing the industry forward.”
Lastly, AssetBlock says that it will continue to add additional real estate partners and properties and promises to make further announcements soon.
As Cointelegraph reported earlier today, the startup Harbor announced a partnership with Seattle-based real estate investment firm iCap Equity to tokenize $100 million in real estate funds.