A Texas developer became in May the first in the U.S. to offer construction financing with digital currency.
The Serene Country Homes Group, based in Fort Worth, TX, launched the digital currency financing effort, sometimes called a “digital asset token” and in this specific effort called, the Real Estate Token or RET, to finance a residential community of over 2,300 homes north of Fort Worth at Sendara Ranch.
The project’s cost is estimated at $655 million, all of which will be financed with digital currency. Just for reference, Bitcoin is perhaps the best-known – or most infamous – digital currency.
“With the help of Pencil Blockchain Company, (Serene Country Homes) became the first corporation to use Acchain blockchain tool for asset digitization,” said the company in it’s announcement. “The Sendera Ranch RET will allow (Serene Country Homes) to build the community faster and bring more homes into the supply-constrained Dallas-Fort Worth market. Property investors stands to benefit most from RET as it aims to provide them with the liquidity to a popular fixed asset.”
The developer is working with a Chinese firm to establish the blockchain digital platform.
“This is just the first of many projects we are hoping to launch in the RET ecosystem,” said Serene Country Homes’ President and CEO, Dirk Foo. “As we grow and expand to more markets, RET will help us to realize our goal of bringing affordable homes to more families in North America.”
At the same time, Pencil Blockchain Company was welcomed into the Acchain DAO community and will become one of the Acchain super nodes in North America for advertising Acchain and its commercial application implementation of the blockchain technology. The company is also in talks with a third-party fund management company to establish a mixed ETF Fund, the first building block of Acchain’s financial services system.
American Digital Asset Exchange Inc, a blockchain financial service institution, is also expected to join Acchain as a DAO member soon to establish a digital asset exchange transaction system for Acchain. With increasing regulation on blockchain normalization and segmentation by the SEC (U.S. Securities and Exchange Commission), local blockchain companies will be able to explore more development opportunities as it targets the global market.