Sunday 25 August
Jul 15, 2019 @ 21:48

C-Estates rolls out tokenized real estate platform

 

C Estates Inc. Is looking to launch by yearend an online platform that allows investors to acquire a portion or whole of any property in the Philippines via blockchain technology.

C-Estates CEO Teru Sumida said they hope to connect people to seamlessly transact and conveniently buy and sell real estate properties.

“C Estates was formed because of our encounters in the slow and rigorous process of buying and selling properties in the Philippines,” Sumida said.

The company uses the process of tokenization which has long been used by financial institutions on monetary assets.

In addition to securing and protecting all sensitive information on its database, it also ensures quick and efficient transfer of property ownership and in the process avoid human errors on public records.

Sellers can list their properties for sale or lease in the marketplace, once verification and validation has been completed.

“Tokenized properties can either be transacted using traditional payment such as credit card/debit card, bank transfer or wire transfer. In addition to these methods, property owners can also opt to receive payments through cryptocurrencies such as Bitcoin (BTC), Ether (ETH) among others,” Sumida said.

C Estates initially plans to target properties that are under the condominium certificate of tittle (CCTs). These are properties that can be owned by foreign investors.

In the short term, C Estates will have these properties listed and marketed to global real estate investors looking to buy property in the Philippines.

“Once our audience reach competitors of traditional services, we will then be positioned to offer additional services such as crowdfunding, time sharing and land banking.” Sumida said.

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