iFunded successfully completes comprehensive ConsenSys audit for Security Token Smart Contracts
Berlin, May 15, 2019 – ConsenSys Diligence, the leading New York-based company for the technical verification of Smart Contracts and Ethereum-based Blockchain projects, has successfully audited the Smart Contracts for iFunded’s Security Token. The audit is a comprehensive validation of the security, resilience and functionality of iFunded’s Smart Contracts.
“Smart Contracts are the foundation of our Security Token Platform. In the future, they will enable us to make direct or indirect investments in real estate even more efficiently, securely and cost-effectively via our existing, completely digital real estate investment platform,” says Michael Stephan, founder and managing director of iEstate GmbH, the operator of the German real estate investment platform iFunded.de.
The goal is a seamless investment process for digital securities by offering solutions for crypto wallets, Know Your Customer, crowdsales and crypto payments all bundled in one place. At the beginning of April, iFunded announced that investors would be able to use crypto currencies to pay for their investments on iFunded. This made iFunded the first real estate investment platform in Europe on which this is possible. ERFURT PORTFOLIO 1 was the first project in which investors could pay for their investment with Bitcoin or Ether in addition to Fiat, i.e. Euro.
Initial focus on debt capital structures
“Our platform is capable of tokenizing both debt and equity. Initially, we will focus on debt structures for institutional investors. Investment opportunities for private investors will hopefully follow and we are in close coordination with the regulatory authorities to that end,” says Stephan.
iFunded has chosen the Ethereum ERC-1400 Token Standard, also known as the Security Token Standard.
“The successful security review of our Smart Contract by the globally recognized ConsenSys Diligence is another milestone in the development of our digital investment platform and I am particularly proud of our entire development team. Our token is compatible with ERC-20, the most widely used token standard today. Our platform can therefore also dock to all renowned crypto wallets and crypto custody systems. In addition, our security tokens include a verified voting and interest distribution function,” said Stephan.
This significantly accelerates interest payments and capital repayments to investors. “Our investors will benefit from higher interest rates as a result of the leaner processes and lower fees,” explains Stephan.
You can find out more in the whitepaper, which you can download at https://iestate.de/.
The final code used for the ConsenSys audit had a commit hash of fd1fe68.
iFunded is a Berlin-based digital real estate investment platform using state-of-the-art blockchain technology to make global real estate investments easily accessible, transparent, tradable and affordable for institutional and private investors. iEstate GmbH operating the www.ifunded.de platform, was founded in 2015 and is backed by Creathor Ventures, a leading German venture capital firm. iFunded recently raised €4 million in a pre-Series A financing round.
iEstate GmbH, has a licence as financial investment broker according to § 34f paragraph 1 no. 1-3 GewO as well as § 34c GewO. iEstate Securities GmbH, a 100 % subsidiary provides investment brokerage and structuring of securities and acts as a “tied agent” within the meaning of Section 2 (10) of the German Banking Act (Kreditwesengesetz) for the account and under the liability of NFS Netfonds Financial Service GmbH, a Hamburg based bank.
iFunded by iEstate GmbH
Tel.: +49 (0)30 – 555 728 550