Deedcoin wants to disrupt commissions with digital currency tokens

An offshoot of a tiny Melbourne, Fla., investment brokerage, Deedcoin wants home buyers and sellers to pay agents in its titular coin

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A Melbourne, Fla.-based startup called Deedcoin wants to create a system that will slash agent commissions to 1 percent and dramatically reduce brokerage overhead--and it’s planning on using virtual currency tokens to do that. The company, an offshoot of the local investment brokerage Momentum Realty, aims to sell 70 million “deedcoin” tokens on its website for $1.50 to $3.00 each, through an Initial Coin Offering (ICO) scheduled to take place on January 25 (after several delays). In total, the company is hoping to raise $150 million. ICOs are a hot new crowdfunding format for enthusiasts of digital currencies. Basically, a company creates its own unique digital currency (many are based on existing digital currencies such as bitcoin and ethereum) for a specific purpose. In Deedcoin’s case, the currency is designed to allow homebuyers and sellers to hire real estate agents through an online network at drastically reduced rates, paying them in tokens as a way to reduce c...