Swiss PropTech startup eLocations has announced the launch of the first PropTech Security Token “eLOC” that will introduce commercial real estate on the blockchain. The company is fresh off of a private sale that was oversubscribed 300% with early supporters seeing the value of eLocations as a viable business model and compliant security token sale.
The team aims to raise €50 million to re-invest into the real estate platform. The pre-sale officially started on August 22 and will be followed by a public sale (commencing late 2018) that will include a dividend of 20% that will yield 4%. The current sale will include a 30% bonus to incentivize early investors.
Founder & CEO Marc C. Riebe quotes, “This is a milestone event – not just for us, but for the whole sector as we are about to revolutionize commercial real estate just as Airbnb did in the residential property sector and Trivago in the travel industry. Buyers are recognizing the seismic shifts in the commercial real estate sector – especially retail on the ground floors of prime locations- and seeing disruption approaching over the horizon. It’s time for them to get off the fence and seize the opportunity to become actively involved.”
A unique feature of the project is the introduction of smart lease contracts, where eLocations lays the foundation for billions of paper contracts to become electronically decentralized using the infinite potential of the Blockchain.
The projects native token, eLOC, will help create a new token economy and attract funds to be reinvested into the eLocations platform. The eLocations.com listing platform is already fully operational, and with further investment it is expected to reach its full operational potential next year – when the company will go on to launch a Utility Payment Token Token (LCN) which will allow the holder to purchase a host of services including premium listings, street maps, rent comparisons, ‘oracle’ data and reports. Ultimately, properties themselves will be leased, bought and sold using the LCN token.
Dan Innes, Co-Founder and CMO of eLocations added: “We tested the water with our business model, attending dozens of PropTech and Blockchain events around the world and pitching to thousands of industry professionals including sceptics from within the conventional real-estate market where there is little to no visibility. We answered their questions, and feedback from investors had been unanimously positive – not only about our initiative but also the Token sale.”
You can learn more about the project and token sale by visiting their official website: http://www.elocations.io/
