Japanese Merchant Bank Signs Deal to Tokenize Estonian Properties
MBK, a Tokyo-based and Tokyo Stock Exchange-listed merchant bank, has signed a deal for the tokenization of property in Estonia.
The Japanese financial company said in an announcement on Monday it will be working with BitOfProperty (BOP), a Singapore-incorporated, Tallinn-operating enterprise that’s already selling fractional ownership of real estate in the EU member state. BOP said it has five properties currently in the capital of the country yielding between 5.3 and 6.59 percent.
According to the announcement, BOP will be responsible for the acquisition of the properties. It will work with MBK to convert the assets into blockchain-based tokens, which will then be traded through Angoo Fintech, an Estonian company which was acquired by MBK in May 2019.