The institutional billionaire investor and crypto enthusiast Mike Novogratz is hiring a real estate expert from Goldman Sachs, in order to tokenize the real estate market.
Mike Novogratz the founder of the Crypto Merchant Bank Galaxy Digital has recently jumped aboard with tokenization of physical assets. This involves tokenizing an asset and placing ownership rights on cryptocurrencies so that they can be tracked and traded.
This offers a myriad of benefits, including legislating people without legislation and making it much easier to trade physical assets such as real estate.
The number of companies offering this service is growing steadily, especially within the real estate market. This is a powerful intervention for real estate, allowing investors to jump into and out of investments by simply trading tokens. This offers fluidity, speed and cost reductions across the board.
Novogratz spoke at a conference in Toronto yesterday where he claimed, ‘there’s positive movement on the institutional adoption of the architecture needed.’ This is in spite of the ‘crappy bear market’ as ‘blockchain makes a lot possible.’
Bloomberg reported that Galaxy Digital had hired Ian Taylor, previously a real estate expert at Goldman Sachs, to run a real estate tokenization platform. This platform, backed by Galaxy could come to dominate this space as it moves forward.
All of this is a wider movement towards tokenization of physical assets, and Galaxy is at the forefront of what could be seen as a revolution in asset trading and investments.