Security tokenization startup, UPRETS, announced Tuesday that it would be tokenizing the prestigious Oosten property in Williamsburg, Brooklyn, making the luxury property more liquid to potential investors.
According to a press release, the luxury development project situated in Brooklyn features 216 units. It represents the first project executed in New York City by China’s Xinyuan Real Estate Co., Ltd.
UPRETS expressed the conviction that the successful tokenization of the Oosten property will potentially open up the opportunity for similar real estate assets to go down the same path in the coming years.
Rather than such properties being viewed as only for the wealthy, the advent of security token offerings (STOs) is poised to change the story by allowing anyone, anywhere in the world to own a piece of their desired real estate property.
Writing about the barriers that created the long-held ‘illiquid’ narrative for the global asset market, UPRETS noted:
Many people wish to be a part of this market, but the barriers to entry have been a major concern. Liquidity issues and the presence of many intermediaries make the process of trading securities not only tiresome but also time-consuming.
However, with the concept of blockchain technology and tokenization gaining traction in recent years, the startup admitted that “the global asset market is ready for a revolution through tokenization.”
Meanwhile, as UPRETS prepares for what is arguably the largest tokenization deal in its short but eventful history, Stmarket.co reported last month that tokenization could play a massive part in unlocking the Japanese real estate market ahead of the 2020 Olympics.
Local real estate company, Lead Real Estate announced that it would launch a new security token offering (STO) fund ahead of the 2020 Olympics.