Grand Cayman, Cayman Islands, 6th Jul 2024 - The RWA tokenization project Oraclizer, led by CEO Jonghun Hong, has entered into a partnership with Challa Properties Pvt, Ltd. Established in 2004, Challa Properties operates the real estate fractional investment platform flexiProps, which services users in Dubai. The collaboration aims to tokenize Indian real estate on Oraclizer's platform to facilitate trading.
flexiProps is a real estate-based crowdfunding platform targeting an annual return of 8-12%. The company owns properties in Chennai and northern Mumbai, India, and allows for fractional investment in these properties. Its primary users are based in Dubai, and the platform has successfully completed crowdfunding for several properties, securing many users and additional investment opportunities. Users of flexiProps can invest in properties identified through thorough data analysis and market research, and they can receive rental income or profits from property value appreciation.
Jonghun Hong, Lead of Horizen Korea Team, which operates Oraclizer, stated, “Through this business collaboration, we can now trade and invest in Indian real estate on the Oraclizer tokenization platform, bringing one of blockchain's key benefits, global liquidity, to India. While there are many domestic trading platforms for fractional investment both in Korea and abroad, we are excited about the collaboration with flexiProps, which chose Oraclizer as a method to reliably provide global liquidity through blockchain.”
In 2024, India's residential real estate sector is expected to maintain continuous growth driven by strong demand. The increasing urbanization and growing middle class in India are contributing to the steady rise in demand for residential properties. The commercial real estate sector is also seeing consistent demand for office space, supported by India's economic growth and the expansion of the IT and service industries. Major real estate reports from CBRE and JLL predict strong growth for the Indian real estate market in 2024, highlighting the potential for Oraclizer to offer a tokenization platform that allows global investors to enter the Indian market in new ways.
Additionally, Oraclizer recently signed an agreement with Erkhembayar Baltsuk, Deputy CEO of TransBank, to advance RWA tokenization and blockchain industry development in Mongolia. And had a meeting with the Communications Regulatory Commission of Mongolia, one of Mongolia's central government bodies. Based on their recently published paper, "A Regulatory Compliance Protocol for Asset Interoperability Between Traditional and Decentralized Finance in Tokenized Capital Markets," the team has been advising the Mongolian government on blockchain-related regulations. They also discussed collaboration on on-chain operational methods for direct interoperability with financial systems that allow actual ownership changes, in contrast to traditional SPV (or SPC)-based RWA tokenization, which does not involve ownership changes.
The Horizen Korea team leading Oraclizer consists of the core team that conceptualized and developed Shinhan Financial Group's Shinhan Digital Asset Platform. Additionally, they are actively involved in introducing blockchain technology across various sectors, including pilot projects for blockchain adoption in public institutions in Korea and the membership NFT for Kolon's Hotel Cappuccino.
Horizen (Ticker: ZEN/ETF: HZEN), a project launched in 2017 that is listed on major exchanges such as CoinBase and Binance. It is also well-known for being part of the portfolios of Grayscale and Digital Currency Group (DCG), both of which are prominent ETF asset management firms. Recently, Horizen has launched zkVerify and migrated Horizen to the EON chain, showcasing significant advancements in various areas within the rapidly evolving industry. Additionally, with the recent removal of anonymity features, the monitoring tag has been removed from Binance.
To learn more visit: https://oraclizer.io
Media Contact
Organization: The Oraclizer Foundation
Contact Person: Yull Jo
Website: https://oraclizer.io
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City: Grand Cayman
Country:Cayman Islands
Release id:13958
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