The Canadian investor and “Shark Tank” television show star, Kevin O’Leary, has announced that he is developing a new real estate oriented cryptocurrency project.
O’Leary is notorious for being a skeptical investor on the American reality television series “Shark Tank.” However, the investor is now taking a bite out of crypto.
Bulls for Crypto
O’Leary made his announcement on March 19th on CNBC’s “Fast Money” talk show. The “Shark Tank” investor stated that there will be a major token deal in New York City.
“There’s a big deal coming to New York in the next three weeks. I’m involved in it – it’s under NDA – it’s a $400 million coin issuance for a real asset you’ve heard of,” said O’Leary. “The idea is that the owner of a very prestigious brand hotel in this city is going to internationally issue an asset-based coin for ownership. And you’ll participate in distribution like a smart contract thought the blockchain.”
O’Leary’s Bold Move
The “Shark Tank” celebrity made it clear that he wants everything about his cryptocurrency project to be above-board. For example, he wants to receive the support from the United States Securities and Exchange Commission (SEC).
Other tokenized securities will follow if this is accomplished. O’Leary’s vanguard project could set the example for many other coins launched by investors who want to tokenize the real estate industry.
“If this works, it’s going to be the first of its kind,” said O’Leary. “It’s SEC-approved. This is the issuance, instead of a stock, a share, it’s a coin – with a smart contract approved by the SEC. I’m excited about it.”
In addition, many supporters of blockchain technology believe that it has the potential to revolutionize the world of traditional assets.
“It’s completely liquid, completely transparent, and the smart contract gives you ownership in perpetuity. You can sell the coin to somebody, the blockchain contract discloses that,” stated O’Leary. “I think there are a lot of others looking at this. The key is to go to the regulators and say, ‘I want to work with you. I don’t want to tear the world apart.’ I don’t want to destroy any government. I want to make money!”
O’Leary and many other crypto investors believe that crypto is a great way to make money. However, for crypto and blockchain to flourish investors must be in it for the right reasons. They must truly believe in it.
What Makes People Believe in Blockchain?
To believe in blockchain technology, one must first understand how it works. Blockchain is an incorruptible digital ledger that is visible to everyone with access on the network.
The identity of users is concealed behind advanced cryptographic methods. However, holdings and transactions on the blockchain are open to viewing.
Existing financial systems have not had this level of transparency and privacy intertwining together.
In addition to this, blockchain is able to save people time and conflict through the use of smart contracts. These are digital contracts on the blockchain that are able to self-execute the provisions agreed on by the parties involved.
The blockchain network replicates and stores contracts on the digital ledger in a series of “blocks.”
Furthermore, real estate and blockchain is already working together. For example, many investors who want to purchase land overseas or require fast cash will trade in Bitcoin, one of the most popular cryptocurrencies to date.
More and more people are adopting and discovering blockchain’s potential. Blockchain is making it easy for people to complete property sales entirely over the Internet. However, it doesn’t stop there.
Through blockchain other applications will emerge, allowing users to make automatic rent payments and accomplish other secure transactions. Furthermore, blockchain is still in its infancy yet many companies are already designing their own blockchain oriented applications.
In conclusion, with big names like Kevin O’Leary behind blockchain there is a high chance that new investors will get involved as well.
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