FractIt Revolutionizes Real Estate: Completes Pilot with Tokenization of Luxury Property on Blockchain
FractIt, a pioneering blockchain platform, has successfully completed its Pilot program, tokenizing a prestigious 3BHK condo in Shimla’s Cliffton Valley valued at USD 235,000. Through Fractible (FNFT) tokens, FractIt offers investors easy access to real estate ownership combined with De-Fi benefits, breaking down traditional investment barriers. With plans to expand into North American cities like Toronto, Vancouver, and New York, FractIt aims to democratize real estate investment globally.
TORONTO, June 1, 2024 /PRNewswire-PRWeb/ — FractIt, a pioneering blockchain-based platform for fractional real-world asset ownership, proudly announces the successful completion of its Pilot. This achievement marks a significant step towards making real estate investment accessible, liquid, and diversified for investors worldwide.
“Completing our Pilot is a significant achievement for FractIt,” said Sunny Kumar, Founder and CEO of FractIt. “By tokenizing properties, we are breaking down the traditional barriers to real estate investment, making it more inclusive and flexible.”
FractIt offers fractional real estate ownership through Fractible (FNFT) tokens, which are fully backed by real-world assets. By bringing real estate on-chain, FractIt provides holders with both real estate and DeFi benefits, revolutionizing the traditional real estate investment landscape.
The Pilot involved the tokenization of a high-end 3BHK condo located in the prestigious Cliffton Valley in Shimla, Himachal Pradesh. The property, valued at USD 235,000, was successfully tokenized into 235 Fractables, each priced at USD 1,000. These tokens were sold to a private group of investors, ensuring compliance with all relevant regulations.
“Completing our Pilot is a significant achievement for FractIt,” said Sunny Kumar, Founder and CEO of FractIt. “By tokenizing real estate, we are breaking down the traditional barriers to property investment, making it more inclusive and flexible.”
Fractible holders will benefit from stable returns through rental yields and long-term capital appreciation of the physical asset. Each Fractible represents fractional ownership of the property, providing a tangible stake in real estate with the added liquidity and ease of blockchain technology.
“Our success with the Shimla property sets the stage for our upcoming launch in North American cities, including Toronto, Vancouver, and New York,” added Gagneet Kalsi, Co-Founder of FractIt. “We are excited to bring our innovative platform to a broader audience, and disrupt the way people invest in real estate.”
With the successful Pilot, FractIt is poised to expand its footprint, aiming to democratize real estate investment and integrate the benefits of DeFi for a global audience.
For more information about FractIt and its innovative real estate investment solutions, visit www.fractit.com or read our Litepaper at https://docs.fractit.com/.
About FractIt
FractIt is a cutting-edge blockchain platform that enables fractional ownership of real estate through tokenization. By converting real estate assets into Fractibles (FNFTs), FractIt makes property investment accessible, liquid, and diversified for investors worldwide.
Media Contact
Emma Daniels, Fractit Labs, 1 4379946699, hello@fractit.com, https://fractit.com
SOURCE FractIt
