Institutional digital assets manager Morgan Creek Digital has backed a $3.1 million seed round for tokenized real-estate startup RealBlocks.
Announcing the news on Friday, RealBlocks said that the funding round was led by early-stage investment firm Science Inc., while other investors included Zelkova Ventures, Ulu Ventures and Cross Culture Ventures.
RealBlocks founder and CEO Perrin Quarshie explained in the announcement that the investment would help the firm speed up the development of its platform.
RealBlocks is an ethereum-based real estate platform that allows firms to raise capital through tokenized securities, while investors can also directly purchase real estate using both cryptos and fiat currency. The platform further provides investors with access to offerings from private equity funds worldwide using fiat or cryptocurrencies, according to Friday's announcement.
Morgan Creek Digital founder and partner Anthony Pompliano said the primary reason the firm invested in RealBlocks was that its core belief is that “every stock, bond, currency, and commodity will be tokenized at some point in the future.”
Science Inc’s co-founder and managing director Greg Gilman agreed, saying that the real estate market, like other asset classes, will be “increasingly data-driven and digitized" in the future.
Last month, Morgan Creek Digital also participated in a $4 million investment round of BlockFi, a startup that offers U.S. dollar loans against crypto collateral.
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