The LX Living mixed-use development in Amoreiras, Lisbon.
Wecan Tokenize Raises £9 Million in First Token Sale
Novel real-estate tokenization platform Wecan Tokenize has raised just under £9-million in its first token sale allowing investors to buy into two projects in Lisbon, Portugal.
The platform which was launched by venture builder, Wecan Group, property developer, Capell and multi-financial services company, Geneva Management Group (GMG) in October is dedicated to increasing the liquidity of real estate assets by facilitating and securing transactions.
Transactions are carried out using blockchain technology to allow quick and easy exchanges that are more appealing for investors than traditional real estate investments, which are often considered illiquid.
The first investment, LX Living, in the sought-after Amoreiras residential neighbourhood in central Lisbon, is a luxury residential development that provides residents with hotel-like amenities. The second is a 42-unit residential building which has been renovated. Both projects are managed by GMG Real Estate, a division of GMG UK developer with several successful projects under its belt including a co-working space and hotel in London (which is being developed in partnership with Ruby Hotels).
Further UK projects are planned with Wecan Tokenize offering investors an opportunity that allows investors to cash out when required.