Founder of JadaPado Launches Blockchain Startup
Founder of Dubai-based online marketplace JadoPado, Omar Kassim, has launched a new startup called Esango. The startup leverages blockchain technology to facilitate real estate transactions. It is a global real estate asset management business on the Ethereum blockchain, which is an open-source blockchain platform that makes it possible to build and use applications that run on blockchain technology.
Kassim explained that he’s looking to “build a real estate asset management business, which involves putting together portfolios of global real estate assets. This is the basic mechanics of buying, operating and eventually selling a variety of assets.” He adds “by using Ethereum, developers will be able to create their own cryptocurrency and in return, they have their own tradeable digital token". Kassim is also deliberating initial coin offering (ICO), which is popular among cryptocurrency startups as it avoids the capital-raising process required by regulators.
On another note, the Esanjo‘s portfolio is not limited to properties in the MENA region only. It includes real estate assets in many capital cities across the world, as well as some short-term rentals published on Airbnb.
Kassim revealed that he would start building out a real estate tech to allow investors to trade their tokens. His long-term goal is to manage $1 billion of global real estate. He announced the company’s plans about issuing an initial coin offering.