Flote Tokenizes $10MM Oakland Asset

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SAN FRANCISCO, (Sept. 20, 2018) – Flote Inc., a fintech startup based in San Francisco, has tokenized shares of an office building located in Oakland’s Uptown district valued at $10 million. Backed by a consortium of top tier real estate operators, asset owners and service providers, the company provides software and services to fractionalize large commercial real estate assets into tradeable tokens on blockchain.

“Flote is bringing frictionless finance to commercial real estate,” says Roland Pan, CEO of Flote Inc. “For asset owners and operators it means that a whole new universe of capital can move seamlessly in and out of their funds and buildings. For investors it means gaining access to large-scale commercial real estate without long hold periods or high investment minimums.”

Flote is not a cryptocurrency, nor an Initial Coin Offering (ICO). Tokens created on Flote are backed by physical real estate and automatically adhere to regulatory compliance, Know Your Customer (KYC)/ Anti-Money Laundering (AML) requirements, and qualified investor checks.

“It’s great to see the first tokenization of premium assets here in the Bay Area,” says Steve Golubchik, Vice-chairman of Northern California Capital Markets for Newmark Knight Frank. “Everyone in the industry needs to be thinking about how tokenization is going to affect their business.”

Offered as turnkey solution, Flote is designed to simplify the process for owners and operators to tokenize their buildings.

“Flote spares asset owners from dealing with any of the technical, regulatory or structuring issues associated with maximizing their assets through tokenization,” says Razmig Boladian, co-founder and Managing Partner of Real Estate Private Equity firm Rubicon Point Partners. “You can offer your institutional or individual investors a lot more options for liquidity than they currently have.”

About Flote Inc.
Flote is a software platform to fractionalize large commercial real estate assets into trade-able tokens on blockchain. The company is financed by a consortium of professional real estate operators, owners and service providers. CEO Roland Pan recently led Corporate Strategy at Skype. Like Skype, Flote is a decentralized application with minimal centralized infrastructure. More information can be found atwww.flotecoin.com.

West Coast Commercial Real Estate News