Blockchain-based real estate tokenization platform Blocksquare has appointed Fergus Murphy, former CEO of 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 looks at the real estate tokenization market
In a press release shared with Invezz, Blocksquare said Fergus Murphy has a wealth of experience in retail, banking and financial services.
Murphy, who is also the former Chief Customer Officer at British digital bank Virgin Money, will play a crucial role in the company’s quest to position itself as a major player within the trillion-dollar global tokenization 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 a sector that is currently 80% illiquid and in private markets.
“Blockchain infrastructure, tokenization and the fractionalization of ownership are absolutely key to this massive opportunity,” Murphy added.
According to the former EBS director, tokenization could see real estate funds diversify their investment strategies while modernizing land registries around the world.
Blocksquare recently reached a milestone with the notarization of a tokenized real estate asset, bridging blockchain and land registry by integrating Slovenia’s National Land Registry. Its success has opened up the real estate industry to the benefits of tokenization, a market that the Boston Consulting Group has predicted could reach $16 trillion by 2030.
In addition to its real estate tokenization protocol, Blocksquare also offers access to decentralized finance (DeFi) through its layer 2 platform Oceanpoint. The platform gives users access to real estate financing around the world.
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