Smartlands, a Benzinga Global Fintech Awards nominee that specializes in the issue of asset-backed digital securities, signed a cooperation agreement with U.K. Sotheby’s International Realty, a global estate agency network, over the experimental tokenization of luxury real estate.
"Collaboration with Smartlands will help us explore how innovative tech can help us add value to our proposition," said Robin Paterson, Chairman & CEO at U.K. Sotheby’s International Realty. "With this approach, the benefits for international sellers and buyers are immense. Smartlands is transforming the value exchange on a global level creating a wide array of opportunities for private high-net-worth individuals, [allowing them to find each other easily, create offers, issue equity, diversify portfolios, and grow their wealth without ever having to lift their fingers off the computer keyboard or a mobile device."
The development comes alongside Smartland’s successful implementation of a proprietary solution that enables fractional ownership in virtually any asset class.
“The Sotheby's centuries-old tradition and Smartlands’ technological edge is a perfect combination for creating a completely transparent global network of highly sophisticated investors in luxury property markets,” said Smartlands CEO Ilia Obraztsov.
Now, the pilot project will allow for the exploration of opportunities related to the issuance of digital shares (security tokens) representing ownership rights for real estate properties managed by Sotheby.