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AIITONE Partners with FIDES Development for Real Estate Tokenization

Web3 & Enterprise·July 19, 2023, 9:17 AM

AIITONE, a South Korean blockchain-based fintech company, has announced a partnership with FIDES Development, a real estate developer, to enhance their collaboration in the security token sector, as reported by local outlet Hankook Economy TV.

FIDES Development has been undertaking various initiatives within the real estate sector, including the identification of underlying assets for security tokens, the development of virtual reality-based show houses, and the implementation of artificial intelligence-powered property technology. In order to support FIDES in these endeavors, AIITONE will provide its advanced fintech services.

Photo by Jiho Choi on Unsplash

 

Real estate tokenization

The objective of the collaboration between the two companies is the tokenization of real estate properties. FIDES Development has developed a wide range of projects, including apartments, offices, and multi-purpose complexes. One of their current projects is a 39-floor accommodation building in Gangwon Province.

 

Legalizing security tokens

Given the accelerating legislative process associated with legalizing security tokens in the National Assembly, construction and development companies are increasingly interested in the fractional investment industry.

Both AIITONE and FIDES Development expressed their excitement about this partnership, as they believe it will enable them to identify valuable real estate assets and tokenize them, thus creating innovative and secure investment opportunities.

Notably, Kim Seung-bae, CEO of FIDES Development, is also the chairperson of the Korea Developer Association (KODA), which has trained around 18,000 professionals in the field. KODA serves as a legal organization representing South Korea’s real estate development industry.

 

Similar developments in Japan

Meanwhile, similar developments have been observed in Korea’s neighboring country, Japan. In May, Mitsui & Co. Digital Asset Management introduced Alterna, a security token platform with a primary focus on real estate. Alterna has democratized investment opportunities that were previously inaccessible, enabling individuals to invest with a minimum of 100,000 yen. The platform garnered substantial interest from Japanese investors, amassing over 10,000 pre-registrants ahead of its official launch.

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