[IMPACT]
Make it super easy and accessible for everyone to invest in global real estate assets with cryptocurrencies.
It is not only a buy-and-sell concept, but a full solution where you can invest in already rented out properties and collect running rents, lease out your new apartment for crypto, lend crypto for real estate developers to build new projects (equity investments and mezzanine lending). However for now we are concentrating on the direct sale of the property via wallet-to-wallet transactions.
Building an application to process real estate transactions. Outcomes will be used internally as well as by other companies (such as real estate brokerage firms)
Legal risks - some countries don’t allow facilitating crypto transactions. Upon the official launch, we aim to obtain a license in Dubai, UAE since a crypto startup license will be available.
[FEASIBILITY]
Difficult to provide exact details, since the development is depending on external partners. The high-level roadmap is the following.
Q2/Q3 - MVP development and testnet release
Q3/Q4 - Product commercialization & partnership establishment
GOOD TO KNOW - Milestones since Fund 4 :
1. Signed a partnership with a Blockchain company registered in Poland and UAE that is assisting with real estate transactions for Dubai real estate market (you need a business establishment with large fiat liquidity to issue so-called “Manager’s Cheque”)
2. Sold 3 properties worth approx 354.000 USD each. Processed manually using USDT.
3. In contact with a Swiss crypto broker to facilitate real estate transactions in the following currencies USD, EUR, CHF (will open more markets and contacts for the product growth)
4. Published a few articles on how to buy real estate with crypto:
4.1. English article - https://estati.ae/blog/buy-real-estate-with-crypto
5. Defined initial structure of the smart contract. A few versions are available with property details and without, as well as with arbitraging options. Smart Contract development will be taken care of by ClearContracts.io (https://clearcontracts.io/) and we already discussed the next steps
6. We can already legally process real estate transactions via the Blockchain partner company
7. Established communication with a white-label software company for Tokenization solutions (more for the future project vision)
Budget breakdown:
98% - product development
2% - admin fees (hosting, domains, etc.)
Donatas Varnas - Entrepreneur, Real Estate, +6 years. Co-founder at E611 Group - we build and operate bitcoin mining data centers in the UAE and sell equipment. Based in Dubai, UAE.
CTO - ex-2 startup CTO, +9 years. Assisting part-time. Located in Poland.
ClearContracts.io - Contract development partner. Located in the US.
[AUDITABILITY]
Product development:
1. Wallet-to-wallet transaction
2. Broker confirmation (once the agreement is confirmed between seller and buyer, the broker has to confirm/approve the transaction)
3. Funds sent automatically
4. Smart contract should contain property information or contract ID for the reference
Beautiful web app to process transactions. Transaction participants:
1. Buyer - connects his wallet to send funds
2. Seller - list property details, connects wallet
3. Brokerage firm - broker has to confirm the transaction and details
Yes, Fund 4. Got funded a small amount to design the product, flow, smart contract structure. Funding will be used to develop MVP.