Telos has announced that it will work with Katalyo, the DApp development platform, to tokenize $35 million worth of Croatian properties.
It has been reported that Telos said that Katalyo would be issuing two tokens for each participating seaside property. One token would represent ownership of the real estate, and the second would be a fiat-based stablecoin generated from rental revenue.
Ivica Ljubicic, the co-founder of Katalyo, called Telos “extremely well-suited” for tokenizing properties and the switch to blockchain could help bring investors to the Croatian real estate market.
Likewise, Douglas Horn, the Chief Architect of the Telos blockchain, predicted that the partnership with Katalyo could result in “an explosion of new tokenized projects.”
“We are at the dawn of tokenization revolutionizing the real estate industry.”
According to Blocktivity, Telos is the second most active blockchain with more than four million users over the last 24 hours.
It has been analyzed that tokenized real estate surged in the early stages of the pandemic when many were looking for online solutions, gaining at price an average of 4.27% during April.
Thus, Matthew McAuley, the Director of Global Research at JLL, said that he does not believe blockchain “will be as used, or as useful” in real estate as it’s hyped up to be.