End of the road for real estate blockchain firm
A Stellenbosch company offering 'tokenised real estate on the blockchain' has been placed into provisional liquidation.
Realsmart was founded in 2021 as a platform where anyone could buy a small share of prime properties.
Fin24 reports the firm will have an opportunity to oppose a final liquidation order at a hearing later this month.
When it launched in February 2021, it promised to ‘disrupt the real estate industry’ by offering shares in properties in SA, the US and Mauritius from as little as $1 via ‘real estate security tokens’.
Investors could buy the tokens via cryptocurrency, or rands and dollars.
‘Real estate investment has created the most millionaires in the world, but the barriers to entry have traditionally been very high,’ said the group's founder and CEO, Anton Breytenbach, at the launch in 2021.
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