JadoPado founder introduces Blockchain start-up
Omar Kassim has launched Esanjo, a start-up focused on real estate asset management business
Omar Kassim, the founder of electronic ecommerce portal JadoPado, has ventured into Blockchain technology with the launch of Esanjo.
The newly formed start-up is a real estate asset management business which facilitates transactions relying on Ethereum Blockchain, an open source platform used to build and use applications based on Blockchain.
Speaking to Thomson Reuters Projects, Kassim said: "We're aiming to mesh real estate with the Ethereum blockchain. We're initially 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."
By using Ethereum, developers are able to create their own cryptocurrency and in return they have their own ‘tradeable digital token'. Kassim revealed using this approach means each token will be backed by a real estate share that will offer fractional ownership, liquidity and the opportunity to earn a share of the income generated.
Esanjo's portfolio includes real estate assets across the board, from global cities to holiday markets, plus short-term property rentals.
Under the new start-up Kassim is also deliberating initial coin offering (ICO), which are popular among cryptocurrency start-ups as it avoids the capital-raising process required by regulators.
Furthermore, Kassim revealed that whilst Esanjo is a team of seven, he is looking to expand his team with a number of roles open in product, finance, content and social media.
The start-up name is from the word asanjo meaning ‘ours' taken from the Memoni language, but Kassim reveals the change from ‘a' to ‘e' represents ‘electronically ours'.