FractIt, a Toronto-headquartered blockchain-based platform for fractional real-world asset ownership, has completed its pilot program involving the tokenizing of an Indian condominium valued at $235,000.
FractIt offers fractional real estate ownership through Fractible (FNFT) tokens, which are fully backed by real-world assets. The pilot involved a condominium in Shimla, Himachal Pradesh, that was tokenized into 235 Fractables, each priced at $1,000. These tokens were sold to a private group of investors.
The company added that Fractible holders will benefit from stable returns through rental yields and long-term capital appreciation of the physical asset. Each Fractible represents fractional ownership of the property.
“Completing our Pilot is a significant achievement for FractIt,” said Sunny Kumar, founder and CEO of FractIt. “By tokenizing properties, we are breaking down the traditional barriers to real estate investment, making it more inclusive and flexible.”
“Our success with the Shimla property sets the stage for our upcoming launch in North American cities, including Toronto, Vancouver, and New York,” added Gagneet Kalsi, co-founder of FractIt. “We are excited to bring our innovative platform to a broader audience and disrupt the way people invest in real estate.”
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