The company, which is currently in the seed funding stage, also plans to expand into Saudi Arabia later.
Dubai-based Aqarchain is launching an end-to-end platform on the open-source blockchain network, Tezos, to tokenise Dubai’s real-estate market
Regulated by the Dubai Finance Services Authority (DFSA) within the Dubai International Financial Center (DIFC), Aqarchain wants to enable smaller investments in ownership of property shares as a way of helping investors to own a share of properties, paving the path for investors benefiting from a portion of rental incomes and capital gains.
Waqas Nakhwa, Founder and CTO of Aqarchain, said: “Right now, real estate is considered to be an investment where the common man would invest once in a lifetime, but people who have enough liquidity, they have multiple options to invest. We are trying to take this as a mass product.”
On the new platform, investors will be able to use traditional currencies rather than crypto currencies through Aqarchain. Currently, Dubai’s real estate market has a promising ecosystem for the venture, as it is the Gulf region’s only city to already have all of its land department property documents and title deeds listed on blockchain.