Coldwell Banker, a global real estate firm, has partnered with Coinweb to tokenize real estate, first in Thailand.
Coldwell Banker represents a network of property firms across 3,000 offices in 49 countries and territories.
The collaboration is said to expect Coinweb to develop and support cross chain issuance for luxury residential along with high end commercial property portfolios of Coldwell Banker’s customer base. The development of the platform has already commenced with a launch anticipated for Q3 of 2022.
Coinweb will issue cross-chain governance tokens mapping to asset ownership. The goal is to lower the barrier to entry to a wider pool of investors seeking returns from luxury properties with higher yields.
In a second stage, the partnership expects to see the implementation of parallel smart contracts being executed in the Coinweb layer, managing the investing process.
Coldwell Banker’s tokens are expected to be publicly tradable and retain cross-chain characteristics.
Coinweb and Coldwell Banker aim to expand the partnership following a successful program in Thailand.
Napatkan Chaiwichit, Managing Director of Coldwell Banker Thailand, said they see real-estate tokenization as the pivotal point for next-generation wealth management:
“We envisage significant opportunities arising from enabling fractional investment and ownership, driving demand in both the primary and the secondary market, which is crucial in unlocking liquidity that real estate has always been associated with, especially in the luxury property arena. The potential to explore and fully leverage blockchain technology is real and very promising. We expect real estate investment to be invigorated by allowing access for new investors to buy into yielding quality assets.”
Toby Gilbert, Coinweb CEO, said the real estate sector has always been a high value segment saddled with legacy processes including high fees and lack of liquidity. Gilbert said the partnership with Coldwell Banker aims to solve these challenges:
“After Thailand, and once the project is proven, it will be introduced to the different territories where Coldwell Banker maintains a presence around the world. Our team is ready and super excited to deliver on real-world blockchain use in partnership with a global brand.”