On 22 September 2020, Korean digital asset platform operator Fund Bloc announced its collaboration with Woori Global Asset Management (Woori) to establish a blockchain-based real estate fund service, reported the Financial News. This comes after Fund Bloc was selected earlier this year to join the Woori Financial Group’s promotion program Dinno Lab, which aims to strengthen and support startups
Their blockchain initiative aims to convert real estate funds (i.e. real assets) into digital assets, selling and distributing them to investors without additional intermediaries. Woori’s role is to establish and manage the publicly offered real estate funds as well as perform financial structuring support. Fund Bloc will be responsible for operating the platform.
Woori’s CEO Dong-ho Kim believes in the integrity that blockchain has to offer, allowing for the fund transactions to be transparently and safely managed. He praises the “innovative financial service that allows ordinary investors to easily transact without restrictions on time, place and amount.” The digital asset platform will also accelerate Woori’s position in the global market.
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