The blockchain-based tokenization platform for the real estate industry headquartered in Slovenia, Blocksquare (BST), hired Fergus Murphy as its Head of Global Institutional Banking, per the information shared with Finbold.
Murphy brings more than two decades of experience with the global banking industry to Blocksquare. He has previously worked in executive roles at multiple notable institutions, including as the CEO of Rabobank Ireland and CEO and executive vice president of the bank for Asia.
Blocksquare highlighted that it had hired Murphy at a crucial time for projects seeking to tokenize real estate and that the recent global developments require “visionary leadership” to bring about greater blockchain adoption and help fuel an economic rebound. Murphy himself expressed his excitement about the new position and explained that tokenization holds immense potential:
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Blockchain infrastructure, tokenization, and the fractionalization of property are absolutely key to this enormous opportunity. I’m therefore delighted to be joining such a leading company as Blocksquare who are forging ahead with innovative solutions to build the global property infrastructure and ecosystem of the future.Fergus Murphy, Blocksquare’s new Head of Global Institutional Banking
Blocksquare’s quest for better fractional property ownership
The idea of tokenizing various real-world assets has been around for many years, but the recent developments with regard to blockchain regulation and institutional adoption have significantly accelerated the process.
The trend is evident with the efforts to tokenize instruments such as green bonds, as Hong Kong and Societe Generale did earlier this year. Blocksquare also played a major role in this endeavor and even made history when it successfully executed the world’s first notarized tokenization of a real estate property in September 2023.
Indeed, the company is explicitly aiming to reshape the very concept of property ownership by tokenizing real estate as a way to boost accessibility and liquidity by making fractional ownership easier to attain.
Many major traditional institutions have, at the very least, already expressed their curiosity about the concept, and others have proven highly optimistic with, for example, the Boston Consulting Group – a global management consulting firm with a history dating back to 1963 – previously estimating that the market will be worth $16 trillion by 2030.