June 18, 2024

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 is involved in the sale of partial real estate holdings to EU member states. The BOP said there are currently five properties in the national capital with yields ranging from 5.3% to 6.59%.

According to the announcement, the BOP will be responsible forreal estate acquisition deal and will collaborate with MBK to convert the assets into 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 along with 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.