Yesterday Mitsui & Co Digital Asset Management (Mitsui) announced plans for a second blockchain-based security token backed by real estate, partnering with MUFG and SBI Securities. The first issuance in December was for a warehouse, and this time it is for three residential properties with a total value of Yen 1,764 million ($14 million).
Mitsui is the asset manager, and MUFG is both the trustee and provides the Progmat blockchain security token platform for the issuance. SBI Securities is the lead managing underwriter and will primarily target individual investors.
MUFG’s Progmat was developed with help from the Security Token Research Consortium. However, it has plans beyond security tokens to support utility tokens and provide its platform for multiple banks to issue stablecoins.
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