October 21, 2020

Japanese merchant bank concludes a deal to tokenize Estonian real estate

Japanese merchant bank concludes a deal to tokenize Estonian real estate

MBK, a commercial bank in Tokyo, has signed an agreement on tokenization of property in Estonia.

The financial institution will work withBitOfProperty (BOP), a Tallinn-based company that sells partial real estate ownership to EU member states. BOP said that there are currently five real estate properties in the capital with a yield of 5.3% to 6.59%.

According to the announcement, BOP will be responsible fora real estate acquisition deal and will cooperate with MBK in converting assets to blockchain-based tokens, which will then be sold through the Estonian company Angoo Fintech.

Angoo Fintech was originally supposed to open its platform by the end of August, but was forced to postpone its launch due to regulatory compliance issues.

MBK is active in the crypto and blockchain sphere. In 2017, he formed MBK Asia together with the Japanese exchange BtcBox.

Last month, MBK management signedan agreement with BS Securities, listed on the Hong Kong Stock Exchange, to cooperate in the provision of a security token and support the development of business in Japan and China.