Etherty launches blockchain trading platform for real estate
Etherty said that the trading portal can be accessed from a laptop or smartphone, and will allow users to network with other real estate investors
Dubai-based Etherty has announced the launch of a real estate, cryptocurrency-linked investment portal, designed to give investors access to global investment opportunities.
In a statement, Etherty said that the trading portal can be accessed from a laptop or smartphone, and will allow users to network with other real estate investors.
The company also noted that it “intends to break all barriers” and ensure “seamless international property trading” by offering a portfolio of properties that are backed by standardised indicators.
These properties would be available for portal users to crowd-sale, buy, and trade just as in the stock market.
Murtaza Khan, chief executive officer of Etherty, commented: “The company is the only blockchain-based, real estate-focussed trading platform, where investors can network, co-invest, and realise their cross-border investments.
“Imagine being able to gain access to a country’s property boom from anywhere in the world, without the need to get involved in local bureaucracy and processes, using straightforward and transparent transactions secured by blockchain and smart contracts.”
In addition to the launch of the portal, Etherty revealed that it will be introducing a cryptocurrency token (ETY), which will serve as a medium of exchange.
According to Etherty, although cryptocurrencies are normally viewed as a very volatile investment medium, the ETY has material value because “collateralised buildings will not just disappear”.
This reportedly limits the user’s risk in buying the tokens, and will provide returns from rent as soon as a property token is purchased.
The company revealed that it is planning to organise an initial coin offering (ICO) on 15 March, 2018, with a total supply of 240,000,000 ETY tokens. All the tokens will be distributed following the completion of the ICO. New tokens cannot be created, and existing tokens cannot be destroyed, Etherty explained.
The company recently signed an agreement with Durise, appointing it as its strategic partner in Dubai, to act as a trust or custodian for real estate assets sold through the ETP.