We want to update everyone regarding the Piptle.Agency rollout that we have been working towards supporting our initial Piptle vision for creating a marketplace for buying into property one square metre at a time.
Piptle.Agency platform development had started in January with our selected partner in India. After three months of work due to Covid19 issues, we have not been getting the progress we had expected from the team. We have now decided to repurpose the platform for other use once the development team returns to a good working situation. With this issue in mind, our executive team have had several walkthroughs and consultations with the team from https://digishares.io/. They are highly regarded globally and somewhat seen as an authority in tokenisation and a focus on property assets.
The decision is that we now have decided to engage and work with Digishares to build and launch the Piptle.Agency platform for the tokenisation of real-world assets. Contracts have been signed, and we are now reviewing our scoping documents with work to start from early June. We are confident that this partnership will ensure that we can continue forward with our goal of providing a platform to support the tokenisation of shares, income streams, other real-world assets such as property, equipment, art, mineral rights, and precious metal commodities. This will allow us to get back on track to deliver on our vision of creating a way to assist people in building a portfolio for tokenised property assets that everyone was eager to put their initial support towards.
The expectation is we will be able to deliver the Piptle.Agency platform by mid-July, given the customisation needed. This will bring us back on track to working towards launching initiatives for promoting and building the Piptle.Agency platform. From July, we will be actively looking to launch a course on tokenisation of assets to support educating our GPALers about this exciting area of blockchain that is quickly growing in value.As part of our launch of the Piptle.Agency platform will then be required to partner with an organisation that has an AFSL license. This license is used to sell down tokenised securities to any Piptle members or members of the public, where such persons wish to hold these assets directly in their wallets. Sales made via the future Piptle cooperative that will be launching in the near future will be treated differently as the cooperative will be purchasing tokenised assets on behalf of its capital contributing members.
Paul Niederer is working with a potential partner to assist with selling down of tokenised assets. We are waiting on their confirmation of launching their registered securities platform to see how to support the process of listing assets managed initially through Piptle.Agency.
We expect to have a renewed focus on Piptle.Agency from July onwards, especially now that we have this strong support and partnering expertise in this field from the Digishares Executive team. We are so excited by this new partnership. It will propel Piptle back on track to delivering on our vision of making buying into property and building an income from such, accessible to all. Also, we will be looking to still proceed with our necessary registrations for being a cooperative.
The Digishares platform, once customised for us, will be able to support all the tracking and compliance needed for this. We will also have a secondary market for trading provided to help our business. The actual final structure of the cooperative we seek to register is highly dependent upon the entity that the tokenisation transactions take place through. It is for this reason we have produced two coop strategies. One that is a member-based marketing coop and another that is more of a financial services coop. Once legal have seen the final iteration of the DigiShares tokenisation platform and the first three projects we have in the pipeline are listed, then the correct version of the coop application will be lodged. The expectation is for this to happen during June. We must get this right for all coop members. From art to buildings, the way we invest in assets is about to change with the arrival of tokenisation fundamentally. However, we need bulletproof, road-tested tokenisation. In partnership with Digishares, we will achieve this. The act of tokenising assets threatens to disrupt many industries. For future information, please see the attached document from Deloittes for all members to read on tokenisation.
Members will not initially be able to make any direct sales via the Piptle.Agency platform or be involved in selling any listings. They can support us in bringing forward listing opportunities. Everything will need to be done via the platform, and we will then have specifically appointed persons qualified to follow up on listings and sales manage the process. We will need to implement specific compliance and training systems after having the platform launched to help qualify persons to support how we can create a fully engaged agency network that can list and sell through the Piptle.Agency platform. More information will be released as we progress ahead with the platform development and deployment.
Thanks to everyone for their patience to date, and we look forward to the months ahead as we deploy the Piptle.Agency platform and continue to develop our tokenisation offer and then the supporting education for our growing agency network.
Aaron Cassar
CEO and Director
Piptle Wealth Management Pty Ltd
