The RealX condo-backed token is on course to become the first digital asset to be traded on the Thai Digital Assets Exchange (TDX) later this quarter, with the aim of mobilising up to 3.5 billion baht, say executives.
TDX, a subsidiary of the Stock Exchange of Thailand (SET), was granted a licence in March 2022 to operate digital asset businesses. It has been operating since September.
The exchange signed an agreement with Token X and Real Estate Exponential Co to offer RealX asset-based tokens on the TDX.
Token X, the initial coin offering (ICO) portal under SCB X Group, has partnered with Real Estate Exponential to launch digital tokens backed by Origin Property's condominiums in three central business districts in Bangkok: Phrom Phong, Phaya Thai and Thong Lor.
"After the Revenue Department agreed to remove the value-added tax on the sale of investment tokens earlier this year, we received a lot of interest and worked with several partners including ICO portals and digital asset brokers to establish an integrated trading centre for a new generation of investment," said TDX president Manpong Senanarong.
"Today's agreement with Token X and Real Estate Exponential marks a significant step forward for digital asset investment by tokenising asset-based tokens and offering them in smaller units on the secondary exchange to allow investors to have easier access to digital tokens."
Token X chief executive Jittinun Chatsiharach said RealX tokens are expected to be offered to investors on TDX starting in the second quarter.
In addition to real estate, which is the sector showing the most interest in issuing digital tokens, potential customers from various industries have approached Token X for help in mobilising funds through this form of asset as investors are looking for alternative options, she said.
Veraphong Chutipat, chief executive of Real Estate Exponential, said the alliance aims to mobilise 2.4-3.5 billion baht through the offering of RealX tokens to the public.
RealX tokens can create the next wave of digital asset investment by making it easier for individuals to invest in condominium units without having to spend a huge sum of money, said Mr Veraphong.
"Every investment contains risks and investment in condos is not easy. We want our token to be a good starting point for people interested in investing in condos with minimal risks and good returns," he said.
"If this offering is successful, we believe it could bring more digital token issuers to TDX. Our company has other projects looking at the possibility of listing on the digital exchange in the future as well."