Japanese real estate firm Kenedix is no stranger to blockchain or security tokens. It announced its fifth digital security backed by a hotel in Sapporo City. The Yen 3.4 billion ($25 million) issuance uses MUFG’s Progmat blockchain platform, with MUFG as the trustee and Daiwa Securities as the lead underwriter. What’s novel about the latest issuance is in addition to the digital security, it comes with a utility token that can be exchanged for souvenirs.
In many jurisdictions, fractional interests in real estate are enabled through real estate investment trusts. In this case, the real estate asset is put in a trust, with beneficiary certificates representing the interest in the assets. It is these certificates that have been tokenized on the Progmat blockchain platform as security tokens.
The attached utility tokens can only be exchanged for souvenirs on-site at the hotel up to a value of Yen 1,930 ($14), encouraging securities owners to visit and use the hotel.
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