Cape Town, South Africa – February 11th, 2020.
The FLYT security token has taken flight in South Africa. Flyt Property Investment announced that it is bringing South African real estate to the Ethereum blockchain. Their new FLYT token is the first regulated security token backed by real property to be launched in Africa.
The FLYT token allows investors to subscribe for, transfer and redeem shares in the Flyt Hospitality Fund, which is an existing fund that invests in Apart-Hotels in Cape Town. One FLYT token corresponds to one share in the Flyt Hospitality Fund. The fund is an investment fund focusing on Section 12J property in South Africa. The primary real estate the fund invests in is comprised of apartment hotels and hospitality properties which are heavily associated with tourism. The FLYT token is also “100% tax deductible.”
Flyt Property Investment announced that they partnered with Switzerland-based Bakari who provided the technology for the tokenization process. Bakari co-founder, Cianran MacDevette, had this to say, “South Africa has a developed, forward-looking financial sector and it is not surprising to see it on a short list of countries embracing next-generation financial technology. We are proud to be working with the Flyt Hospitality Fund, which is leading in innovation by using technology to offer responsible investments directly to individuals.” Daniel Kimber, co-founder of Bakari, added, “The issuance of the FLYT token by a regulated Financial services provider paves the way for the compliant use of blockchain technology in the Emerging Markets’ Financial Sector.”
Also joining Bakari on the technology side is Tokeny Solutions. Tokeny is an end-to-end platform providing issuance, management, and trading for utility and security tokens. Luc Falempin, CEO of Tokeny Solutions, said that “The technology is there to issue compliant tokenized securities but the distribution side is still building. Marketplaces like Bakari, with high-quality projects and access to investors are fundamental for this industry to grow.”
Flyt Property Investment managing director, Zane De Decker, went on to say that, “Our aim is to be ahead of the curve and with that in mind, we are thrilled to present our investors with varied options of entry. An investment into the Flyt Section 12J hospitality fund is available via old-school investment into the fund and now, for those who support the blockchain technology, via the FLYT token.”
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