A Milestone in Tokenisation: CitaDAO Completes First Real Estate Detokenisation

Singapore, Singapore, August 21st, 2023

Leading the way in real-world asset tokenization, CitaDAO is delighted to share the completion of a buyout of tokenized real estate in Singapore. The milestone marks the world’s first real estate detokenization. The token holder who initiated the process can redeem the title deed of the tokenized asset. The real estate, located at 18 Sin Ming Lane, Singapore was first tokenized on May 16, 2023, at a value of US$635,000.

Real Estate Token Buyout Offer Summary

Address: 18 Sin Ming Lane, Midview City, Singapore

Date of Tokenisation: May 16, 2023

Buyout Offer: US$604,000

Buyout Dates: July 24, 2023 – Aug 21, 2023

Joel Lin, core contributor at CitaDAO, said, “This milestone shows our commitment to create a reliable and credible real estate tokenisation process. It is critical to ensure the value of the tokens are tethered to the real world asset it represents.”

A Step Towards Trustworthy Real-World Asset Tokenisation

Despite the known benefits of tokenization, the industry remains niche, and few assets have been tokenized. CitaDAO believes that for tokenization to gain more adoption, it has to define a clear path to redeem the asset it represents, – ie detokenization. The milestone achieved is the process of converting the token to the asset it represents. This is similar to how one can redeem USDC (issued by Circle) tokens for real US dollars in their bank account.

The detokenization process should facilitate a straightforward redemption of the assets. This ensures the value of the token is backed by the asset it represents. CitaDAO believes this paves the way for mainstream acceptance of asset tokenization. While banks and asset managers are convinced by the potential of the technology, they are not sure how the tangible value of the token is established. This framework to redeem the underlying asset addresses the concern. CitaDAO hopes that this process helps to reduce the risk of real-world asset tokenization.

Conclusion

CitaDAO is proud to be at the forefront of bridging digital tokens with real-world assets. The detokenization of 18SML0711 highlights CitaDAO’s goal to create a more efficient real estate market. CitaDAO hopes that the process will be the new standard for the industry looking into asset tokenization. For those with a keen interest in the risk of real estate tokenization, please download the whitepaper here.

About CitaDAO

CitaDAO is a global marketplace for tokenized real estate, secured on the Ethereum blockchain. CitaDAO is building a platform that creates easier, borderless, transparent, and scalable access to real estate for the community. By tokenizing and transacting real estate on-chain, CitaDAO aims to solve the lack of liquidity, access limitation, and lack of composability plaguing the existing real estate universe.