RedBlock joins forces with Huochain to build a token-economy for pilot project in Chongqing
Updated: Dec 17, 2020
CHONGQING, CHINA- We are proud to announce that we are joining forces with our partners at Huochain, Huobi Global’s enterprise division in China, to bring tokenization to an industrial park in Chongqing. The significance of this can’t be overstated, as this will be one of the first instances of industrial real estate tokenization within China.
This pilot project is part of a general drive towards blockchain adoption and tokenization solutions in China. Since entering into a partnership with Huochain, we have both been hard at work determining how best to demonstrate what advantages a token-economy can provide for industrial real estate and the tenants that occupy that space. This particular park comprises enterprise space, residential buildings, and the industrial park’s facilities, giving utility tokens a strong, multi-faceted use case for wider adoption. As a key metropolis in south western China, Chongqing is experiencing high GDP growth with many technology companies establishing R&D centres in the city. As such, there are and will be many new and existing properties that will benefit from the use of the model we are creating.
The first step in this project is tokenizing a 20-floor building inside the industrial park, the tenants of which are mainly technology and blockchain companies. RedBlock will bring its capital market and security token expertise to deliver a fully realized token economy in Huobi’s pilot project. This includes designing the actual economy and providing the technology responsible for utility token issuance vis-a-vis RedBlock’s proprietary digital asset management platform, RedLedgers. With these utility tokens, the tenants will have attached rights and responsibilities during their tenancy.
The pilot's purpose is to demonstrate the efficacy and advantage of tokens as they relate to real estate. After initial implementation, this first building’s token economy model will then be replicated throughout the entire park, including the park’s facilities and residential buildings.
This concept has significant implications, as it will be used as a model for other internal, utility token-based economies within industrial properties. We are dedicated to demonstrate its advantages and continue our industry leadership, this time alongside Huochain and Huobi.
RedBlock is a digital investments and fintech firm leveraging blockchain technology for asset digitization and management. It has a global network of assets and capital partners, particularly in the Asia Pacific, North America, Australia and Africa. RedBlock offers investment advisory services and manages principal investment funds to support companies in its ecosystem that align with its investment thesis. With a growing track record and pipeline, the RedBlock team hails from top-tier global investment banks, venture capital firms and blockchain technology companies.
As the enterprise division of Huobi Group in China, Huochain has received strong support from local governments with a range of initiatives under its umbrella, including the Chongqing Innovation Center, an R&D institute as well as Huochain University. Huobi Group is a global leader in digital assets with one of the largest digital asset exchanges in the world, providing digital asset management services to millions of users in more than 130 countries.
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