A decentralized cryptocurrency trading platform named AirSwap is in today’s crypto news, because of a new partnership that aims to contribute to the tokenization of one of the Western Hemisphere’s most expensive real estate markets.
We are talking about New York City and its progressive real estate market. In the new partnership that is inked between the trading platform AirSwap and the FINRA-registered broker-dealer named Propellr, the two firms will work together on the AirSwap peer-to-peer trading protocol to create a platform that will allow brokers and their clients to tokenize the transactions in the real estate industry.
Together, AirSwap and Propellr will focus their efforts on the New York real estate market, even though they haven’t outlined their plans on how they aim to achieve this.
As a decentralized crypto exchange (DEX), AirSwap does not quite fit the designation – mostly because it serves like a decentralized search engine that helps buyers and sellers to arrange trades over a peer-to-peer protocol.
Still, AirSwap is confident in its technology and the potential to benefit the secondary market transactions. As officials from the trading platform stated:
“Ultimately, we hope to reduce the time to complete secondary market transactions of private securities from months to days, with the actual execution, clearing, and settlement taking place in a matter of minutes. With a non-custodial, no order book model, our technology is far better positioned for the private securities market than alternatives that take custody, use order book matching engines, and wrongly assume that private securities will trade with the same frequency as publicly traded securities or cryptocurrencies.”
What can certainly be said about these two companies is that they are not the only ones that aim on tokenizing markets. As of recently, the crowdfunding giant Indiegogo also partnered with a dealer to host its first security token offering (STO) – just like the cryptocurrency startup Swarm which began issuing tokens that represent equity in privately-held tech companies such as the stock trading platform Robinhood and many others.
AirSwap raised $20 million during its ICO sale held last August and September and netted close to $25 million following the conclusion of their public sale.
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