United States Property Coin (USP)—an innovative real estate-backed cryptocurrency project set to launch later this year—has announced the procurement of its first seed asset, a $10 million multifamily property in Los Angeles. Located less than a mile from Venice Beach, the property is currently being used by Haven Coliving as a purpose-driven living environment named Penmar.
Home to nearly 100 individuals, the property focuses on an active lifestyle and includes a gym, a yoga studio, an outdoor meditation area, co-working space, a rooftop lounge, a movie theater, and a barbecue. As the first seed, it came from a contribution made by Primior, a leading real estate investment, development, and management firm. Johnney Zhang, CEO and founder of Primior, created USP to address the volatility related to the inflation-impacted U.S. dollar, dollar-backed stablecoins, utility tokens, and algorithmic-backed coins.
Backed by real-world real estate, the security token will benefit from current cash flow and the long-term appreciation of real estate, regardless of possible devaluation of fiat currencies and stablecoins. USP will be able to provide fractionalized ownership in a diversified portfolio and will aim to secure real estate in high-demand markets throughout the U.S.
“This is an exciting first step,” says Zhang. “Securing the first property for USP is a great start, and the fact that the property is being used as a pioneer in battling the housing crisis is the icing on the cake.”
This story was first published on Multifamily Executive.
