Babelchain, a new blockchain-based platform, launched in Dubai recently. Trade Arabia described the app as a 'lifestyle development re-inventor and accelerator.' It was released globally and is to serve developers looking for investors to back their projects. It also caters to investors who want to look for unique and profitable property developments.
Blockchain technology provided the base for BabelChain, which actually tokenizes real estate properties, a popular trend in property investment trading on the blockchain platform. This has been praised time and again as an easier way to trade properties. It can also be a more effective way of trading properties piecemeal as they are represented by Bitcoin.
BabelChain couldn't have chosen a better time to make his presence felt. 2018 was a marquee year for blockchain, as more and more people started to get into the technology. Some explored possibilities using it for apps, while others studied it in order to better understand it. As revealed to Coin Desk, a blockchain-built app, Paxful, managed to increase the number of transactions that happened using the website.
From around $8.5 million in 2017, driven by customer interactions, transactions on the platform grew by 120 percent in 2018 by $21 million per week. The growth included Paxful's user base, most of which were based in Ghana. About 41,423 accounts were from that country; more were recorded coming from Nigeria, with about 321,476 user accounts from the country.
CEO Ray Youssef of Paxful explained further. He stated that African bitcoin traders have become numerous in the app at 41 percent. Other transactions averaged an amount of $90 per transaction, most of them coming from Africa. In total, of the 160,000 monthly users of the platform, about 35 percent came from the African continent.
BabelChain, in contrast, already have established property development projects just waiting for investors. These projects are already worth $370 million or more. Investments are limited, according to analysts, to institutional investors-people behind companies that are considered big. Tokenized assets make it easier for these investors to choose from unique and potentially exciting projects to fund.
Examples of the projects which these investors can back are developments in various countries. There are residential and commercial towers up for grabs in Istanbul Turkey. There are also some smart tech, as well as a new floating island resort, up for investor funding in Lebanon. Overall, projects are uniquely different and worth investing in, made easier because of the blockchain.
