Brickblock, a technical service provider for real estate investments on the blockchain, has joined forces with JTC Group and solarisBank for real estate investments and a digital investor clearing process, respectively.
JTC, a global investment/wealth management group, will support select investment processes as the legal custodian of issued shares (also known as the nominee) while Brickblock clients are the asset providers.
JTC is also responsible for holding investors’ funds in escrow and clearing eligible investors, and will provide administration services to the structure of investments. Furthermore, the company will sit on the board that manages select real estate assets provided by Brickblock clients.
Brickblock says the partnership’s first “fruitful collaboration” involves Hillview Homes Limited, which will offer the real estate asset Holt Hill, based in Birkenhead, UK by utilising Brickblock’s proprietary software.
Hillview Homes represents Brickblock’s first real estate asset offering on the blockchain. The funding period will open in the coming weeks.
With solarisBank, Brickblock will create a digital investor clearing process. The process will require those looking to invest in Brickblock clients’ investment opportunities to submit the anti-money laundering/know your customer (AML/KYC) information to be reviewed by solarisBank.
The first investment is the aforementioned Holt Hill, 50-unit residential property. Investors will be able to submit all necessary documents, as well as complete video identity verification via solarisBank partner IDnow, online in less than half an hour.
Appointments with notaries, paper document scanning and submissions, and wet-ink signatures are just some of the aspects to be streamlined by Brickblock’s integration of solarisBank’s AML/KYC solution.
“Cutting out middlemen from traditional clearance processes means investments incur only a fraction of the fees associated with investing via traditional financial institutions, and significantly reduces the complexity of accessing investment opportunities,” Brickblock says.
Earlier this month, Brickblock secured yet another partnership with real estate management firm Peakside Capital to launch the world’s first tokenised real estate fund.
Brickblock has offices in Berlin and Gibraltar and secured a €5 million institutional Series A investment from Finch Capital in May 2018.