Aditya Hadi Pratama · · 1 min readDeFi real estate platform to tokenize SG property after $600k raise
CitaDAO, a decentralized finance platform for real estate deals, has raised US$617,647 and hit the soft cap for its second Real Estate On-Chain (IRO) project. This deal allows the company to tokenize a Singapore-based real estate asset.
Image credit: CitaDAO
The IRO marks the first successful project for CitaDAO, as its initial attempt failed after only raising 69% of the soft cap target of US$11.7 million to tokenize a property in Cardiff, UK.
CitaDAO itself aims to solve the limited access and liquidity problems in the existing real estate ecosystem. With the IRO, participants can earn income generated from real-world property leases through cryptocurrency. In addition, the company has a liquidity pool that allows users to trade its Real Estate Tokens (RET) and USDC stablecoins.
Following the success of its Singapore IRO, the company said a legal transaction will be required before RETs are minted and made available to claim.
According to the CitaDAO team, they already have a pipeline of properties that will be listed for IROs in the coming months. Moving forward, the firm is looking to forge more partnerships and integrations with protocols in the DeFi space.
See also: Move over UST, USDC’s the new face of crypto payments
Editing by Miguel Cordon and Jaclyn Tiu
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