Blockchain-based real estate tokenization platform Blocksquare has tapped Fergus Murphy, a former CEO at Rabobank Asia and EBS, Ireland’s largest mutual mortgage bank, as its new Head of Global Institutional Banking.
Blocksquare announced the hiring of Fergus on Wednesday, December 6, 2023.
Blocksquare eyes real estate tokenization market
In a press release shared with Invezz, Blocksquare said Fergus Murphy has a wealth of experience across retail, banking and financial services.
Murphy, also former Chief Customer Officer at UK digital bank Virgin Money, is set to play a crucial role in the firm’s quest to position itself as a key player within the trillion dollar global tokenisation market.
Blocksquare sees the tokenization of real estate as an opportunity. According to Blocksquare’s new head of institutional banking, Real World Asset (RWA) tokenization has the potential to bring fractional ownership to more people in an industry that is currently 80% illiquid and in private markets.
“Blockchain infrastructure, tokenization, and the fractionalization of property are absolutely key to this enormous opportunity,” Murphy added.
According to the former EBS exec, tokenization could see real estate funds diversify their investing strategies while at the same time modernising land registries across the globe.
Blocksquare recently hit a milestone with its notarization of a tokenized real estate, bridging blockchain and land registry by integrating the national land registry of Slovenia. Its success has opened up the real estate industry to the benefits of tokenization, a market which the Boston Consulting Group has projected could reach $16 trillion by 2030.
Apart from its real estate tokenization protocol, Blocksquare also offers access to decentralised finance (DeFi) via its layer 2 platform Oceanpoint. The platform allows users to access real estate financing across the globe.
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