Red Swan has tokenized $2.28Bn in CRE via Polymath

February 29, 2020
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Commercial real estate marketplace startup, Red Swan, has tokenized $2.28 billion in real estate with the help of Polymath, a security token platform.

According to Red Swan CEO Ed Nwokedi, $780 million of that is available to investors in pre-sale, while the company has another $4 billion in real estate in its tokenization pipeline. The $2.2 billion represents 16 different Class A commercial properties based in Austin and Houston, Texas, Brooklyn, N.Y., Oakland, Calif., and Ontario, Canada. 

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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February 29, 2020

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