Hemp farm goes on the blockchain as part of $2 billion deal

Real estate company Redswan has launched a platform for selling digital securities for commerical property. It plans to tokenize $2 billion worth of property, starting with an $858 million pre-sale.

RedSwan is selling 1,034 mid-rise and high-rise apartments, in Texas, New York and California. A 150 acre hemp production farm in the Canadian province of Ontario is also up for grabs. 

The sale is accredited by the SEC, one of the harshest regulators in the US. Digital securities platform Polymath is helping with the sale.

“Through this new technology, RedSwan will make the entire process for recapitalization of LP and GP equity for institutional quality real estate assets much faster, more efficient, and with     higher capital productivity,” said Ed Nwkedi, CEO of RedSwan. 

Nwokedi added that investors will have greater flexibility when acquiring and disposing of assets, which will take “seconds,” compared to what typically takes anywhere from six months to seven years.

RedSwan follows others in the space, which is dubbed “PropTech.” Last month, an office situated on one of Zurich’s most prestigious streets was sold for $135 million worth of BrickMark Tokens. BrickMark is another company that tokenizes real estate. 

Another company tZERO, announced plans in October to tokenize $650 million in British real estate using Tezos, a partnership with the Tezos Foundation and Alliance Investments.

It’s no surprise the space is heating up. According to a Savills World Research report, real estate is among the most lucrative sectors in the world, valued at $217 trillion, or over half of the world’s total assets.