$30 Million Dollar Manhattan Development Set to be Tokenized

In an apparent first, a New York city high-end apartment development has joined in on, and could possibly benefit from the enthusiasm around the tokenized funding model and blockchain technology.

Located on 436 & 442 E 13th St in Manhattan's East Village, the completed  “THIRTEEN EAST + WEST” development, which comprises twelve full floor luxury apartments, has  according to Forbes decided on the Ethereum blockchain as the digital base for its tokenized operations.

The tokenized funding project  born of Proppelr (a company that creates, manages and services digital assets) and Fluidity (the creators of AirSwap) makes this the first Manhattan asset of this magnitude to be tokenized on ethereum.

The partnership between the two companies likely stems from i a mutual desire to offer compliant products and services regarding the creation, transfer and distribution of digitally held securities. This is achieved by leveraging the tokenization process of representing an asset owned in the ‘real world’ digitally and immutably  on a blockchain. 

Proppelr CEO Todd Lappiat told Forbes:

Traditional securities structures and issuance frameworks haven’t evolved in a long time. With blockchain technology, a transparent and trustless ecosystem can start to solve the information asymmetry that hinders the market’s potential for liquidity.

Star of Million Dollar Listing New York and author of Sell It Like Serhant Ryan Serhant, echoed Mr Lappiat's sentiments as he told Forbes:

The market in New York is always strong, but it can take some time to sell for the right price in a new construction building. With blockchain tokenization, we can remove the unruly pressure of traditional bank financing, which is much healthier for the project and all of the stakeholders.

Serhant is also reported to have been the broker behind the deal, as he and the developers Amirian Group and Vail Associates Architects look for a more efficient financing vehicle for the project and investors.

Ripple’s Success as a Payment Company May Not Benefit XRP, Says Pompliano

Michael LaVere
  • Morgan Creek Digital co-founder Anthony "Pomp" Pompliano is a strong supporter of Ripple as a payment protocol company. 
  • Pomp remains unconvinced whether Ripple's success will ultimately benefit XRP as an asset for investment. 

Morgan Creek Digital co-founder Anthony “Pomp” Pompliano believes that Ripple’s success as a payment protocol may not benefit XRP in the long run. 

Speaking on the latest episode of The Pomp Podcast, Pompliano outlined his reasons for being a fan of Ripple. According to Pomp, Ripple excels as a blockchain-based payment company that has managed to forge relationships with banks and financial services across the globe. 

However, Pompliano remains unconvinced of whether Ripple’s overall success will translate into benefits for XRP. 

He said,

What I don’t understand, and I think where I choose to not engage on the XRP side, is I don’t understand why people are buying it, speculating on future price movements.

Pomp explained that he saw the advantages of using XRP in the Ripple ecosystem, but was skeptical of the cryptoasset for investment. 

He said,

To me, if Ripple is successful, that doesn’t mean XRP has to be successful.

Pomp continued, saying that if you separate XRP and Ripple, the latter’s ultimate goal is to build better software for banks. He called Ripple’s mission a “no-brainer,” “venture capital bet” and admitted to being jealous of missing out on investing in Ripple’s seed round. 

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