KSA based Aqarchain to tokenize real estate on Tezos Blockchain
Saudi Arabian grown, Aqarchain has announced that it is building a real estate investment platform on the Tezos blockchain to issue and manage digital tokens representing real estate assets.
The new platform will give investors direct access to a cutting-edge asset class to add to their investment portfolios. The platform will involve the acquisition of real estate assets, placing these assets on the Tezos blockchain and tokenizing them. By building on Tezos, Aqarchain’s platform will provide users with industry-leading security, by leveraging Tezos’ unique use of formal verification to guarantee the validity of code, a technique used for mission-critical industries like aerospace. . The platform will enable transparent and streamlined transactions, with real-time data integrated into the platform.
Haitham AlHammadi, COO, of Aqarchain, said, “The readiness and ease-of-use of the Tezos platform, along with its robust security standards, gives us an infrastructure and the capability of adapting to our business model. Tezos has also recently acquired a shariah compliance certificate which enables us to offer 100 percent, sharia-compliant investment option to our investors. This will help us widen our investor scope.”
Added Waleed Rassuli, Head of Tezos Gulf, “We’re thrilled to work with Aqarchain to bring digital asset infrastructure to the GCC region. This collaboration shows the possibilities for blockchain-based digital asset use cases, and Tezos’ recent Sharia certification, we’re confident that we can bring access to this asset class to a wider audience than ever before.”
Blockchain adoption is growing overall in the GCC region, according to AlHammadi. He added, “UAE has been the front runner by creating regulatory bodies and issuing operating licenses in various sectors and is the only jurisdiction to do that in the GCC.”
Aqarchain has applied for licensing approval from Dubai International Financial Centre to offer CAT4 crowdfunding in real estate. Prior to this Aqarchain had partnered with US Kloud Spot.