SK Securities, a branch of South Korea's largest telecom SK Group, has partnered with a local blockchain firm for a digital real estate beneficiary platform.
The securities operator has signed a business agreement with Kasa Korea, a Seoul-based startup developing a digital securities blockchain platform for thereal estate market, Korean news outlet Yonhap News reported on Sept. 4.
SK Securities and Kasa Korea agreed to collaborate on a digital platform for distribution of real estate beneficiary securities. Based on real estate securitized beneficiaries issued by real estate trust companies, Kasa Network’s digital property shares will allow investors to trade pieces of real estate, the report notes.
Kasa Korea is awaiting FSC approval
An official at SK Securities said that the company will provide valuable investment alternatives through cooperation with Kasa, which has been attracting more attention as a startup working with emerging technologies.
In May 2019, South Korea's Financial Services Commission accepted Kasa Korea’s application to sell real estate certificates to investors through its blockchain platform.
Earlier in July, SK Group invested $10 million in major global blockchain firm ConsenSys, with chairman at SK Corporation claiming that traditional business approaches should be digitized.