Bitcoin Global News (BGN)
March 01, 2019 -- ADVFN Crypto NewsWire -- A big debate for
financial government regulators regarding cryptocurrencies has been
how exactly to classify them. The new form of digital currency, is
some ways could be considered a security, property or more broadly,
a store of value. Because of this blockchain networks have designed
new programming for the tokens to restrict them to certain
behaviors so that they can guarantee regulators the token will
adhere to financial compliance.
Through this development in
financial technology, a hybrid of digital currency and traditional
assets has arisen. Tokenized assets are essentially digital
representations of an existing asset, such as property. Inveniam
Capital Partners of New York, United States, will be launching some
of the biggest tokenized asset auctions to date using their newly
created Token Platform Invenium.io.
“We built our entire software, our
stack, everything we do, the way we tokenize the instrument is so
the enormous amount of data that’s associated with the financial
instrument … can be aggregated and is attached to the token.” -
O’Meara, chairman and chief executive officer of Inveniam Capital
Partners
The platform creates ER-20 based
representations of debt instruments that will be tradable on
regulated blockchain exchanges that support this token format. The
smart contracts initialized on Inveniam.io enforce trades only
between approved buyers and sellers and managing the definitive
ledger for the issue.
$280 Total Through Dutch
Auction
The company will be auctioning a
total of four real estate assets using a form of auction called a
Dutch auction. These are public offering structures in which the
price of the offering is set after taking in all bids to determine
the highest price at which the total offering can be sold.
Investors will place a bid for the amount of cryptocurrency they
are willing to buy in terms of quantity and price. The company has
set minimums of $500,000 per bid, with a minimum total holding of
$10 million worth of cryptocurrency for each investor interested in
making bids.
The first property to be auction a
building in Miami, Florida U.S. which is currently occupied by a
WeWork co-working space branch. The estimated property value of the
building is 65.5 million. This will likely represent the single
largest tokenized asset auction made of all time. Invenium will be
accepting bids paid for only in cryptocurrency, accepting the top
50 cryptocurrencies by market cap at launch. In addition, the
company will tokenize shares for a student housing facility in
North Dakota ($90 million), a North Dakota water pipeline ($50
million), and a multi-family housing facility in southwest Florida
($75 million).
By: BGN Editorial Staff