Wednesday, June 19, 2024
ReportStart-up to tokenize UAE real estate using Islamic blockchain platform

Start-up to tokenize UAE real estate using Islamic blockchain platform

Aqarchain, a subsidiary of SmartChain, in a statement revealed that it will “soon” introduce a UAE homegrown end-to-end blockchain platform for the tokenization of the real estate market built on the Tezos Blockchain.

Aqarchain (also spelled Aqar Chain) first announced that it will be working with Tezos Gulf in November 2020 to build an Islamic real estate investment platform on the Tezos Blockchain platform for the tokenization of real estate assets.

At that time, Aqarchain noted that it had applied for a Category 4 crowdfunding license from the Dubai International Financial Centre (DIFC). As at the 24th June 2021, Aqarchain is not listed as one of the six authorized crowdfunding platforms in the DIFC, according to the Dubai Financial Services Authority public register.

It is also worth noting that during the November announcement, Tezos Gulf was the only one which received a Fatwa verifying the Shariah compliance of its blockchain platform.

“We have developed not only a state-of-the-art property listing portal with mobile application for retail users, which will be live on the 1st July 2021 allowing developers and brokers to get a free listing and sales management platform, but, we have also developed our crowdfunding self-tokenization platform for properties which allows fractional ownership of properties,” shared Waqas Nakhwa, the founder and CTO of Aqarchain, who is also the founder and CEO of SmartChain.

In addition to these 1st July launches, Aqarchain is also bringing to market its native utility token for DeFi staking and to earn rewards. The start-up explained that the AQR token can be paired with XTZ (Tezos token) and BNB (Binance token) to create an LP token (liquidity provider token) that can further be staked to earn more rewards. “We are currently underway with regards to our AQR token sale in our seed round phase and we will be announcing our public sale soon,” Waqas said.


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