Launch of real estate blockchain startup Esanjo in Dubai
The Dubai founder of online marketplace JadoPado Mr. Omar Kassim announced a new startup which aims to facilitate real-estate transactions using Blockchain technology.
The new platform will be called Esanjo.com, a global real-estate management business on the Ethereum Blockchain.
In a recent interview with Thomson Reuters Zawya Projects Kassim stated, “We are aiming to mesh real-estate with the Ethereum Blockchain.” He added, “We’re initially looking to build a real estate asset management business, which involves putting together portfolios of global real estate assets. This is the basic mechanics of buying, operating and eventually selling a variety of assets.”
Kassim plans to use the technology to “tokenise” each portfolio of assets on Esanjo. A token will be backed by a share of a real estate asset to provide easy fractional ownership, liquidity and the ability to earn a share of the income generated by the underlying real estate asset, he explained.
Some of Esanjo’s early portfolio ideas include real estate assets in global cities and emerging holiday markets, including properties held specifically for short term rental on platforms such as Airbnb. “Our next piece is to start building out real estate tech, initially consisting of a real asset exchange that will allow investors to trade their real estate tokens,” Kassim said.
“While it is way too early for us to even dream about, over the next few years our aim is hit $1 billion of global real estate assets under management,” he added. “We think that tokenisation will be a disruptive new way to own and earn a yield from real estate assets, that is different to anything prior,” Kassim said.
Esanjo is also on a hiring spree, he added. “We’re a team of seven at the moment… we’re absolutely hiring… we’ve got a number of open roles in product, finance, content, as well as social media.”
Esanjo is rooted in the word asanjo, which is a word from the Memoni language and means ‘ours’ or something that is owned collectively.