Move over, Bitcoin—a new cryptocurrency is coming online that is backed by the properties held in real estate investment trusts (REITs).
According to a Business Insider report
, the Swiss-based fintech company Brickcoin
plans to roll out REIT-backed currency called brickcoins, which will be managed and tracked with blockchain technology. The company is registered in the U.S., U.K. and European Union, although it not yet clear which REITs will be used at the core of this new endeavor or when it plans to become fully operational.
“BrickCoin challenges tradition by making real estate investment an accessible, practical and smart option for everyone,” said the company on its Web site. “The idea is clever and simple, and has already caught on with some of the leading minds in the finance industry. It is a smart investment strategy, which is why many people are already getting involved. And you can too.
We are the future of real estate investment.”