Tokenization has struggled to transform the multitrillion-dollar real estate market as institutions hesitate to re-engineer back offices until they see liquidity. Graeme Moore, head of tokenization at Polymath, believes this project will work where others failed.
“I think what kind of happened in the past was there were platforms like Harbor, Propellr and Fluidity, which were really tech companies,” Moore said. “They didn’t really have the real estate background or the expertise to understand how the private real estate market works.”
(Harbor’s flagship project reportedly crumbled over paperwork issues. The startup was acquired by crypto custodian BitGo earlier this month. The Fluidity and Propellr project was quietly shelved last summer.)
New York City-based Red Swan is holding investors’ funds in escrow and plans to distribute shares in April. Meanwhile, Nwokedi said Red Swan is in the middle of becoming a registered investment adviser with the U.S. Securities and Exchange Commission, which will allow it to manage assets for accredited investors.
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