TEL AVIV, ISRAEL / ACCESSWIRE / October 8, 2019 / FIRST BITCOIN CAPITAL CORP (OTC PINK: BITCF) (“the Company”) a prolific generator of more than 100 unique cryptocurrencies and developer of blockchain-powered technologies is proud to announce that it has signed a Memorandum of Understanding (MOU) with BITCASAS INC with the intent to acquire a major stake in BitCasas,Inc., a group of companies utilizing its structure to promote the adoption of tokenization of real estate assets and mortgage loans.
Recently, CORNELL UNIVERSITY REAL ESTATE REVIEW published a report entitled:
TOKENIZED REAL ESTATE: CREATING NEW INVESTING AND FINANCING CHANNELS THROUGH BLOCKCHAIN
What does tokenizing mean for real estate investors?
In addition to creating fractional ownership of an asset, tokenization can create liquidity for the investor. Traditionally, real estate investment requires capital lock-in for an extended period of time. With tokenization, interests in real estate can become more liquid and create access to global capital. Tokenizing allows smaller carve-outs of an asset that are then sold, creating more liquidity for majority owners and developers. Traditional exchanges of real estate interests are limited to more regional investors, during local opening hours, whereas tokens can be traded at any time across borders.
CoinDesk reported that blockchain could save US mortgage industry $US 1 Billion.
According to the Federal Reserve Q1 2018 Report, the current US market for residential loaning is estimated at over $14 trillion, with 1.7% of these loans failing to meet scheduled payments (Non-Performing Loans or NPLs) which are then traded at a significant discount. Because of the capital and knowledge required to pursue this asset class, control over this market has been dominated by large institutional investors.
“Opportunity resides within this niche marketplace as to the acquisition and collection of non-performing mortgages. With a nationwide network of legal resources, the framework for fast and accurate underwriting with the experience to monetize these undervalued assets, BitCasas is uniquely qualified and positioned to secure investments by traditional real estate mortgages and provide investors with high yields by turning non-performing mortgages into high value performing mortgages.” says Kamran Mohammadi, CEO of Bitcasas.
“To help individuals all over the world understand the benefits of mortgage debt as an asset class – ownership in real estate without the management headache – we have developed the BitCasas online investment platform. Using blockchain as its backbone adds full transparency and instant liquidity through tradeable asset-backed security tokens” says Ramesh Ramadoss , President of Bitcasas.
“Our platform provides greater individual participation in this market by tapping into the power of the community in due diligence and NPL deal flow immediately in residential home loans, with an eye on commercial loans in the future. We will be pleased to become a portfolio company of First Bitcoin Capital.”
ABOUT BITCASAS INC.:
BitCasas is a Silicon Valley-based startup that is building the world’s first online cross-border platform for making investments in mortgage loans backed by U.S. real estate. The BitCasas Asset-Backed Securities (BCAS) portfolio is collateralized by performing loans backed by residential and commercial real estate based in the United States.
Historically, BitCasas and its managers have procured in excess of $30 million worth of loans. The BitCasas team consists of top-notch technologists and real estate professionals who have deep experience in the purchase, management and modification of loans collateralized by real estate.
Kamran Mohammadi is the Chief Executive Officer of BitCasas Inc. He is an accomplished Executive based in Silicon Valley with twenty plus years of experience in Real Estate, Mortgages and Notes. His experience includes but not limited to operations, oversight, and marketing involving both startups and growth organizations. He is a results-oriented, decisive leader with proven success in new market identification and strategic positioning for multi-million dollar residential, commercial and industrial portfolio investments. He has a proven track record of delivering extraordinary results in a high demanding market whilst improving growth, revenue, operational performance and profitability for investors worldwide. At BitCasas, he is involved in creating a bridge between the conventional Mortgage Note Industry and the emerging blockchain technology.
Ramesh Ramadoss is the President of BitCasas Inc. He is a co-chair of the IEEE Blockchain Initiative. He is also the chair of the IEEE Blockchain Standards Committee. He received his Bachelor of Engineering degree from Thiagarajar College of Engineering, Madurai Kamaraj University, India in May 1998 and his PhD degree in Electrical Engineering from the University of Colorado at Boulder in May 2003. From Jun. 2003 to Dec. 2007, he was employed as an Assistant Professor in the Department of Electrical and Computer Engineering at Auburn University, Alabama, USA. He moved to Silicon Valley in Jan 2008 and has over a decade of experience in leading engineering projects at several technology companies. He is the author or coauthor of 1 book, 4 book chapters and 55 papers. He has conducted projects for DARPA, NASA, US Army, US Air Force, Sandia National Labs, and Motorola Labs.
BitCasas’ patent-pending technology uses blockchain-based tokenization to enable fractional ownership of real estate mortgage loans. BitCasas, through the establishment of trusts, issues compliant Security Token Offerings (STOs) pursuant to regulations under the Securities Act of 1933, which offers exemptions from registration for the securities – appealing to both U.S.-accredited and non-U.S. investors.
While today’s offering magnifies the depth and breadth of an already strong real estate investment market, it places BitCasas atop a new operational dynamic. With this offering, BitCasas is the exclusive sponsor of BCAS- the only live securities token for mortgage loans backed by U.S. real estate. It plans to continue growing its presence and strengthening its competitive impact for investment possibilities as it broadens its activity in the U.S. residential and commercial real estate markets.
Contact us via: firstname.lastname@example.org or visit https://www.bitcasas.com/
About First Bitcoin Capital Corp
First Bitcoin Capital Corp (BITCF) began developing digital currencies, proprietary blockchain technologies, and the digital currency exchange – www.CoinQX.com (in Beta) in early 2014. We saw this step as a tremendous opportunity to create further shareholder value by leveraging management’s experience in developing and managing complex blockchain technologies and in developing new types of digital assets. Being the first publicly traded cryptocurrency and blockchain-centered company, we provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies.
The Company began developing its own blockchain and cryptocurrency called First Bitcoin (COIN: BIT) in 2016. Recently the Company updated the BIT wallet and added more functionality. Users are able to generate BIT through the processes of POW and POS mining. The First Bitcoin cryptocurrency has a current supply of 20,707,629,255 BIT. It is currently trading on LIVECOIN.net
Contact us via: email@example.com or visit https://firstbitcoin.io/
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Certain statements contained in this press release may constitute “forward-looking statements.” Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company’s filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company’s website and filings.
SOURCE: First Bitcoin Capital Corp.
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