The fund uses Ethereum blockchain technology and ERC20-complient crypto tokens which will be sold to accredited investors. The fund will then acquire income-generating, institutional quality, multi-family housing units in New York City and other opportunistic US markets which need renovation or redevelopment
Investors will hopefully see their equity stake grow and will also receive dividends from rental income.
REALECOIN was founded by New York real estate investor Ruban Azrak who has built a $200 million real estate portfolio since the 1970s.
“We know a lot of people who are holding huge blocks of cryptocurrencies are looking to diversify their holdings into alternative coins and we feel we offer a solution to that problem,” enthuses Azrak.
Azrak has built a team which includes executives and advisors from Microsoft, Citibank, HSBC, Cushman & Wakefield and Morgan Stanley.
"Our goal is to provide our company with an institutional quality team to establish the integrity and credibility that the cryptocurrency industry demands at these stages of its nascent growth. Each day we add new team members that add value to Realecoin and will continue to do so in the immediate future as we prepare for our offering in 2018,” he says.
More market update:
The world’s first real estate investment fund to accept cryptocurrencies has been claimed by New York startup REALECOIN.