Co-working space operator SparkPlus in Seoul has announced its partnership with Kasa Korea, a blockchain-powered platform, in a deal that will see both firms working together to tokenize real estate using blockchain technology.

Enabling a Blockchain Platform to Tokenize Real Estate

SparkPlus partnered with Kasa Korea with the aim of further promoting the sharing economy in Seoul by utilizing a blockchain platform to allow smaller companies and individuals to invest in tokenized real estate, according to Cointelegraph.

The partnership is expected to lower the barriers to entering the real estate market as the platform can facilitate collective fundraising.

SparkPlus CEO Mok Jin-gun has disclosed that the company will be launching co-working centers at locations listed by Kasa Korea, which could lead to a rise in value for the real estate.

“With our experience in operating coworking offices, we will work hard to increase the value of the assets that are on Kasa Korea’s platform through this partnership,” he said. “We will work together to provide more business buildings, which is attractive to individual investors on the platform.”

Innovative Partnership to Drive Seoul’s Sharing Economy

In April 2019, Kasa Korea was recognized as an innovative financial services business by the Financial Services Commission, the securities regulator in South Korea.

Meanwhile, SparkPlus has just completed a Series B funding round on December 3, 2019, raising 30 billion won or US$25.3 million during the process. Since its establishment in 2016, the office space sharing company has raised a total of 60 billion won, or US$51.5 million. 

SparkPlus now operates 12 co-working offices in South Korea’s capital, including eight in business districts like Gangnam and Gwanghwamun.