I write to update you regarding several exciting developments in our ongoing mission to build and operate the leading global Blockchain real-estate investment platform.
Ensuring that before we go live with the projects at Lord’s Cricket Ground
and the Celine Building in Mayfair
all our legal and regulatory obligations are fully adhered to has been a focus of intense labour. The New Commonwealth team have made notable progress and I'm pleased to announce that we have:
- Identified a Legal Framework which will allow us to onboard investors from over 30 countries initially.
- Completed the Technical Architecture of our Tokenised real estate platform and the Property Tokens themselves.
- Agreed terms with LBX.com as ‘Exchange of Note’ to provide the market through which our Property Tokens will be traded.
Global, legal & regulatory news
Our legal team advises that initially we may only onboard certain categories of user to the platform, who must be a resident of an EEA country and will need to meet certain financial tests. Given the incredibly wide international interest (we had registrations from over 50 countries) this limits, at least in the short term, the sphere within which we will launch but we will do our best to expand this scope in the near future.
New Commonwealth remains committed to bringing premium Blockchain property investments to the widest possible global audience. We apologise if this announcement precludes your potential participation and we appreciate your patience and understanding while we work to try and widen the availability and accommodate as broad as possible a customer base.
Platform technology update
After significant research and development, we are delighted to announce that our platform will be built on the Ethereum Blockchain and ERC-20 Tokens. Our development team will shortly be releasing a full technical Whitepaper with details. Ethereum is a mature technology which powers billions of dollars of value and is the current state of the art in Blockchain technology. If all this doesn’t mean anything to you, don’t worry; the whole experience will be bundled into an easy to use App for iOS & Android as well as available via our website newcommonwealth.com
Token exchange partnership announcement
I'm delighted to announce our partnership with LBX, The London Block Exchange
as our Exchange of Note. This will allow us to support the Property Token ecosystem with an effective aftermarket. As one of the leading multi-asset UK crypto exchanges, LBX bring expertise, UK banking and over 10 different crypto currencies and tokens. Our teams are busy integrating our systems to harmonise our processes and make it as easy as possible for New Commonwealth customers to understand and make the most of LBX's services.
Not only is LBX the only exchange we believe is capable of delivering the required infrastructure to allow our customers to be able to trade security tokens such as Lord’s and Mayfair, they also share our values. This extends beyond the obvious ones like security, education and the deliberate courting of regulators in this nascent space. At heart we share the unshakeable philosophical belief that Blockchain is here to stay and will revolutionise every aspect of financial services over the coming decade – to the benefit of all.
As to precisely when we will launch both the Lord’s offering and that of the Celine Building
, it is anticipated that the Lord’s offering will now most likely be ready for launch in spring 2019, which will afford us at New Commonwealth sufficient time both to finalise technology and importantly receive the outcome of a significant rent review. A claim has been made by the landlord of £450k per annum which, should it be awarded by the arbitrators, will significantly alter the value of the land.
With regards to the Celine Building
, we would hope to release a prospectus on this prestigious Mayfair asset in the autumn of 2018.
This has all taken significant effort and time and we appreciate your patience while we continue to resolve these challenges. Again, once everything is properly in place, we hope to offer as much as we can to the widest possible audience of investors. Like all good things, it will be worth the wait!
We will write to you again as soon as we have more to share.
David Gower O.B.E
Non-Executive Chairman, New Commonwealth