Real estate investment app NYCE announced its intent to IPO a 101-unit housing complex — “Philicon Square” — at Temple University, as well as launch live trading for cryptocurrencies.
Here’s more on the developments and why they matter.
What’s Happening: Whilst at the Lisbon, Portugal-based Web Summit, NYCE Companies’ Philip Michael, who co-founded the company alongside FC Barcelona’s Martin Braithwaite, told Benzinga the company had major updates to share.
Mainly, NYCE plans to debut real estate investment opportunity “Philicon Square” as an IPO via LEX; Michael said the firm is targeting a 100% return for early investors. This comes after NYCE’s TEMPLE I, its first Temple University project, rose in value by 105.5% to $2.05 million.
“The goal is to consolidate everybody in the app, and create more first-time investors,” Michael said. “It’s about strengthening a community and putting together systems with courses, resources — things like that — so more people can go out there and build wealth.”
Since launching, NYCE has garnered over 175,000 users and acquired over 1,500 apartments. NYCE’s ultimate goal is to create 100,000 millionaires of color by 2030 through investments and financial literacy education via TRIBE.
Photo provided by NYCE Companies.
Why It Matters: NYCE, which was the fastest company to sell $1 million in real estate micro shares, is a $263 million marketplace and Michael, the co-founder, thinks it's possible to create 100 million asset owners worldwide one day.
“The number one driver behind the racial wealth gap is the absence of real estate ownership in minority communities,” Michael told Benzinga. “Simple shifts in individual behavior could reduce the wealth gap we have today.”
In increasing platform adoption, NYCE is issuing a new price-stable utility token, backed by its real estate holdings, with $50 million in total supply.
The utility token, which will always be pegged to one U.S. dollar in NYCE's offerings, will be redeemable in NYCE's ecosystem, including credits in the app, as well as rent at select properties and products.
Photo: NYCE's Philip Michael speaks at the Lisbon, Portugal-based Web Summit.
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