Binance China Blockchain Institute, the research institute of crypto exchange Binance, has announced a partnership with Xinyuan Group (NYSE:XIN), a Chinese real estate company working on incorporating blockchain technology in the global real estate industry including in New York City. Xinyuan Group previously launched “UPRETS,” a real estate digitalization platform for fractional real estate investments.
UPRETS is said to have supported the “technical issuance” of the digital securities representing limited partnership interests of a real estate fund. Using blockchain, each digital security is defined by smart contracts, while representing partial ownership in certain luxury units at a New York property.
According to a company release, the Binance China Blockchain Institute will partner with Xinyuan Group on projects, ranging from scientific research, technological development, talent cultivation to project incubation toward the objective of accelerating digital transformation of the real economy.
The two companies will also explore the application of blockchain technology in real estate via the “Xbolt” (Blockchain Operation Ledger Technology) platform, a consortium blockchain backed by Xinyuan Group.
Mai Lu, Asia-Pacific VP at Binance, said they were thrilled to partner with Xinyuan to bring forward innovative products and business models:
“Xinyuan Group has a proven track record of digitalizing real estate in a fully compliant way in the U.S. while Binance has been leading the development of blockchain technology. By working hand in hand, we are confident that we will present more use cases for daily life and further grow the blockchain industry.”
As part of the partnership, the two companies are expected to conduct collaborative research in areas including blockchain, big data, Fintech, artificial intelligence (AI) and other technologies.
Further collaborations include establishing a think tank, setting up a hub for fostering blockchain innovation, launching incubation programs, providing funding opportunities, and co-hosting various events to foster communication between opinion leaders and the global community.