Miguel Cordon · · 2 min readDeFi real estate platform misses $11.7m soft cap for UK property bid
CitaDAO, a decentralized finance platform for real estate deals, did not hit the soft cap for its Introduction of Real Estate On-chain (IRO), which would allow participants to earn income generated from a property’s lease through cryptocurrency.
Image credit: CitaDAO
The company said it raised a total of a hair over US$8 million for a property in Cardiff, UK, or about 69% of the soft cap of US$11.7 million it needed for the project to be considered successful.
It started the IRO period earlier this year, allowing users to stake USD Coin (USDC). If it were successful, users would have received daily rewards based on their contributions. The USDC that was staked in the IRO are reclaimable on CitaDAO’s website.
“To us, this is a good indication that the IRO process is working well to reflect the voting mechanism where the community gets to decide if the real estate is worthy to be introduced on-chain,” the company said.
CitaDAO also shared that it will be gearing up with more properties for an upcoming IRO.
Built on the Ethereum ecosystem, CitaDAO said it removes barriers such as illiquidity and physical distance from owning real estate. It also allows property owners to list real estate on its platform and mint their own NFTs.
The company was featured earlier in Tech in Asia’s The Top Up newsletter.
See also: Vodcast: Asia’s crypto fever
Editing by Lorenzo Kyle Subido
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