Digital funding of property
Tech company MetaWealth aspires to raise $1.5 million through the issue of digital currency for the first time in Greece in order to develop a residential building in central Athens. Through its special platform, MetaWealth focuses on securing financing – on behalf of third parties – for property development, using the technology of decentralized blockchain digital transactions.
The first project on Greek soil, which MetaWealth has included in its platform “that makes it possible to invest in real estate from $100,” concerns Urban City 44. It is s complex of 210 apartments under construction at 44 Pireos Street which is being developed by Astrea International Properties and of which the largest number of properties have already been sold.
The company is seeking to raise a total of $1.475 million for 12 apartments by issuing 14,753 tokens – i.e. exchangeable tokens – that come with the so-called “smart contracts.” These are code programs that are activated and executed when certain terms and conditions are met, automatically. For Urban City 44, the return for a period of 18 months is 31% or 20.67% per annum. The token offering period expires on December 16.
