Property Coin(PCX)-Blockchain Platform for Real Estate Industry

Have you known a Real Estae field has come to Blockchain? This is about it. Buzzy Initial Coin Offerings are facing increased scrutiny, but one launching later this month from a house-flipping real estate tech company is drawing interest. Los Angeles-based real estate tech startup Aperture is preparing for the public sale on Feb. 26 of Property Coin, an asset-backed cryptocurrency token. They are really see the opportunity for Property Coin to come in and be truly the first crypto-denominated securitization or structured finance fund back by real-world assets, real estate assets. Property Coin is based on the Ethereum blockchain, a popular cryptocurrency standard that’s been used as the foundation for many new tokens. Aperture says Property Coin will fit right in with its main business, flipping houses as an iBuyer and underwriting loans to smaller real estate investors (that business will also continue to be available to customers using U.S. dollars). Net proceeds from the token’s ICO will be invested in properties and loans nationwide that Aperture’s the algorithm and staff choose. Property Coin holders, then, will be invested in those real-world assets, which Aperture will later flip for a profit. Aperture will also reinvest 50 percent of its profits from the ICO in other real estate investments, aiming to create appreciation for its cryptocurrency investors. The ICO will place Property Coin at $50 per token, with a minimum token contribution of $1,000 for U.S. investors — higher than other ICOs but lower than most real estate investments. In total, the company aims to sell $50 million worth of tokens through its ICO.
Jewett and fellow co-CEO Matt Miles launched Aperture in 2016 after working as investment bankers at the Royal Bank of Scotland, focusing on the mortgage and real estate space. This summer, they started looking into what an ICO could do for their company. Their experience as investment bankers financing mortgages and real estate was a well-defined path of how to do that and how to do that the right way, in a way acceptable to institutional investors and lenders,” Miles said. “Then we learned about the ICO market and see no one’s doing those things to ICOs. We’re adapting what we already know about financing assets to create a model to do that in the ICO space. El Segundo-based startup Aperture Real Estate Ventures plans to launch a real estate-backed cryptocurrency by the end of February. Property Coin is THE ICO project that should be the cornerstone of a well diversified cryptocurrency portfolio. We think of ourselves as a “blue chip” ICO, the first proper merger of traditional structured finance and crypto. The company said it will give investors an “opportunity to own a professionally managed portfolio of real estate assets via the blockchain.”
What Will Happen When You Buy This?
When an investor buys Aperture’s so-called Property Coin, the person is buying into a fund backed by the company’s fix-and-flip portfolio. Money raised in the initial coin offering will be invested in properties around the country selected by Aperture’s staff and its own algorithm, according to a report in the Inman. Property Coin is built on Ethereum, a blockchain platform with an $84 billion market cap, second to Bitcoin worldwide. Wildly volatile Bitcoin has seen little use in the real estate business, but it has been involved in a handful of transactions. Some in the world of luxury residential worry about the inherent difficulty tracking the source of funds in Bitcoin transactions. Others have taken the plunge. Investor Michael Komaransky completed the most expensive Bitcoin-to-Bitcoin real estate sale in late January, when he sold a 9,400-square-foot Miami mansion for 455 Bitcoin. That factored to roughly $6 million at the time. Aperture Co-CEO Andrew Jewett said each Property Coin holder “owns a fractionalized piece of assets owned by that entity, and as we reinvest profits into property, the underlying value will go up.” That in itself isn’t a new concept. But Aperture said it’s the first company to do so via cryptocurrency. The firm called it an attempt to the democratize “country club” style fix-and-flip home investment deals that are typically only available to investors with big wallets. It also sees the cryptocurrency as transparent, because investors can see what backs its value and aren’t subject “to the wild fluctuations in the belief of the value of that asset,” Jewett said. That’s a common criticism of Bitcoin — its value is largely speculative.
Property Coin(PCX)-The Token
Property Coin is an ERC20 token that represents a fractionalized ownership of a portfolio of professionally managed and diversified portfolio of real estate assets and loans. The development of the code was performed by trusted contractors known to the team and audited by an independent third party as well as a third party systems security specialist and our CTO. Aperture has invested our own money and spent more than a year designing, developing and implementinga sophisticated, data driven and proprietary technology platform that identifies potential assets for acquisition. Our enterprise platform was developed by our team in conjunction with a highly regarded enterprise development firm who has built platforms for notable fintech companies in the past. When it comes to Aperture’s Property Coin, there are some restrictions for investors. Property Coin will sell for $50 per coin at its initial offering on February 26, and U.S. investors must purchase a minimum of $1,000 worth of coins. Outside the U.S., investors can get in with just a $100 investment. The pair hope that their cryptocurrency will attract two kinds of investors: traditional cryptocurrency investors interested in diversifying their holdings and traditional real estate and structured finance investors interested in moving into cryptocurrencies. The most similar cryptocurrency the pair found in their research was Tether, also backed by real-world assets: U.S. dollars. Property Coin’s co-founders hope that similarity won’t derail their project, since Tether has faced scrutiny from U.S. regulators, and plans to publish monthly investor reports to keep everything above board. Miles and Jewett are also hyping up Property Coin as something innovative happening in the cryptocurrency space that’s not a blockchain project. For now, employees at Aperture have bought tokens in a private sale but no one outside the company has participated. The company used those first sales to buy a property in Dallas.

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