Busan opens blockchain-based real estate funds to retail investors

The city of Busan will use blockchain technology to give many the opportunity to participate in fiduciary real estate funds in Busan for a small amount of money.

Until now, access to real estate funds was limited to a few capital investors.

Now any investor across South Korea can invest in a real estate fund by downloading the Busan Blockchain Real-estate Investment Currency (BBRIC) app and opening an account with Busan Bank online without having to visit a securities firm or bank branch in person.

The sale of digital beneficiary certificates for real estate funds and trading between private individuals will follow in mid-January.

The BBRIC is a demonstration project for the blockchain regulation-free special zone of the city administration of Busan.

For the subscribers of this fund product, digital beneficiary certificates are issued, which are made forgery-proof and forgery-proof using blockchain technology.

Investors will be limited to real estate in Busan, however.