San Francisco, California, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Ovenue Inc. which develops state-of-the-art artificial intelligence and blockchain-enabled Platform-as-a-Service (PaaS) for launching valuation, tokenization, and monetization of real-world assets, today announced a multi-year Master Service Agreement (MSA) with Husmates, a trusted Canadian digital property platform offering fractional ownership solutions. Ovenue and Husmates have identified significant synergy in working together to develop a valuation, tokenization, and monetization platform for tokenized real estate ownership. Ovenue’s blockchain PaaS platform will enable Husmates to create a completely new alternative to current real estate systems and processes and, most importantly, an alternative financial ecosystem to traditional mortgages. This partnership will offer consumers access to a state-of-the-art platform for home ownership, investing, flexible no-penalty access to home equity, transacting and lending against real-world assets to eliminate the current barriers that are preventing deserving and qualified community members from accessing home ownership and participating in the real estate market.
Building asset tokenization and web3-based finance protocols is complex, risky, expensive, and slow. Existing asset tokenization platforms do not provide companies with complete and reliable customizable solutions. In 2022, Ovenue launched an artificial intelligence and blockchain-enabled valuation and financing infrastructure with over $400M of Tokenized Assets Valued (TAV), including franchising agreements, brands, real-estate portfolios, and life science patents. The platform now features an asset valuation and tokenization layer, an asset-backed non-fungible token (NFT) marketplace for transactions, and a decentralized finance protocol for borrowing and lending against these assets. Ovenue’s technology has evolved as a no-code, PaaS for asset tokenization and decentralized finance covering several asset classes.
"Our partnership with Husmates fits perfectly with Ovenue’s vision for enabling customers and partners across key industry verticals to benefit from using blockchain technology”, commented Ram Shanmugam, CEO, and Co-founder of Ovenue. “This partnership enables the use of Web3-related technologies, to remove friction from multi-party transactions, improve data management, and accelerate transactions in the real estate industry”.
The customized platform for Husmates will consist of an asset valuation, incorporation, and tokenization layer, as well as an asset-backed token marketplace for transactions, and a finance protocol for borrowing and lending against these assets. Actual assets are identified, and an automated valuation report is generated. Asset ownership can be legalized in a Special Purpose Vehicle (SPV), and represented by an asset-backed token, which can be traded, licensed, or monetized in the marketplace.
“Husmates is thrilled to work with Ovenue’s brilliant team of experts. With Husmates’ deep expertise in building people-driven co-ownership communities and Ovenue’s intelligent no-code platform-as-a-service for asset tokenization and financing, this collaboration will bring forth a tangible solution to the housing security crisis across the globe. We look forward to building our vision for a fair, inclusive real estate market that leaves no one behind.” Parimal Gosai, CEO.
About Ovenue
Ovenue is a platform SaaS company that builds and licenses blockchain technologies for real-world asset Valuation, Tokenization, and Financing. Ovenue’s artificial intelligence and blockchain-enabled platform provides asset owners and businesses with an end-to-end customizable solution to onboard, secure, and monetize their real-world assets. Ovenue’s process removes the complexities of building tokenization and decentralized finance products for various asset classes. For more information, visit www.ovenue.com
About Husmates
Created for anyone interested in purchasing real estate, Husmates’ platform cultivates relationships, providing options to create a co-purchasing community and to jointly view properties currently listed on the Multiple Listing Service. Husmates is on a mission to help create co-ownership households (Hus) of fellow sharers (Mates) who, when co-purchasing property, can help disrupt the housing security crisis. Husmates' matching platform will evolve to a full-service brokerage, licensed to trade in real estate, and will provide the financial tools and the legal structure for successful co-ownership communities. Husmates’ expansion into digital fractional ownership through our partnership with Ovenue will make it possible for everyone to participate in real estate ownership by removing the bureaucratic friction and financial barriers that the current real estate systems place on people. For more information, visit www.husmates.com
Additional Information
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
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