The South Africa-based startup ProsperiProp will be launching an initial coin offering that will fund its platform.
The platform that the startup provides gives people the ability to buy into property investments all around the world using digital currencies.
Llew Morkel, the founder and CEO of ProsperiProp, said that the goal of the startup was to use blockchain technology to open access to property investment to everyone.
The startup will sell PROPX coins through its initial coin offering and create the world’s first block chain based property fund.
“The money in the fund is loaned to a special purpose company that uses the money to purchase shares in the top property portfolios that the world has to offer. This company then launches a second token called TREE,” said Morkel.
“The TREE token is sold to the man on the street to give the bulk of the world’s population an option to invest small amounts of money in premium property shares. The TREE tokens own the property shares, but the money raised from selling the TREE tokens repays the PROPX loan,” he continued.
Besides PROPX still owning the fund, their tokens also earn 10 percent of the TREE tokens.
According to Morkel, the mission of the startup is to make property investments affordable to even single mothers of two children, factory workers, and government employees alike.
The startup had two design in criteria in mind while they were producing their infrastructure. The first is that the product should be easy to buy and should also offer real growth with affordable costs.