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Real estate tokenization project shuts down

by Blocks99

2 weeks ago

The REI DAO real estate tokenization project has announced its shutdown via social media, citing “lack of funding” as the reason. It had originally posted the decision on Facebook in late January.

“We have tried to resuscitate the project without much success, and with the current situation of where crypto industry is and the (good) regulation regime put in place for such project, we feel that we will not have the adequate support to continue this project successfully,” the statement says. It continues to say that the real estate tokenization project would be “phasing out all our presence gradually.” Its Telegram channel has now been renamed “Defunct” and the company’s official Website is no longer accessible.

Ambitious plans for real estate tokenization

REI DAO raised funds in 2017 with an initial coin offering (ICO) in October of that year. The Singapore-based project was designed to introduce crypto assets backed by a particular piece of real estate. At the time, it promised to create exposure towards the real estate market for the crypto asset holders, such as rental income generation and capital appreciation from the underlying property. The crypto assets were to follow the ERC20 Token Standard, and be capable of integration with other services on the Ethereum blockchain.

Its higher-profile projects included CrowdVilla, which was tokenized via the Gibraltar Blockchain Exchange in 2018. It is unclear at this point whether the CrowdVilla project will also be shut down.

(Source: Facebook)

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