Knotel, The Official Space Rental Is Building Its Own Blockchain Of Property With the acquisition of 42Floors
Knotel, an office space rental service in Manhattan has taken over 42Floors, which is a commercial real estate search engine, where an individual can easily find a commercial space.
According to the founder of the company Amol Sarva, it is a perfect platform to get access to technology and data over an area of 10 billion square feet of office space. Hence this adds an element of liquidity to the Knotel marketplace coupled with speeding through its plan of a blockchain platform.
However, there’s something more in store. Knotle has started the process of building Agile HQ platform. Which would assist in renting office space for a few hours or for that matter few months without getting stuck into the complexity of lease. The company is estimated to have nearly one million square feet of space in San Francisco, London, New York, London and Berlin. In the recent past, it has raised $100 million in funding. The company claims to have more buildings in New York than WeWork.
From the statement of the founder of the company, we can infer that 42Floors have built a powerful tool to introduce a proper order to a market sector which has remained stagnant for years now. This new venture brings into the picture the traditional backroom and bilateral, in an era where everything is getting digitized. Also, the complexities which arise in the transaction is due to the traditional method, wherein the transaction takes days and even months to close down. The unreliability of the middlemen is prevalent in such deals thereby hampering their efficiency.
The 42Floors acquisition will provide the company with an opportunity to add new properties to its platform. It would also provide an option for the non-blockchain contracts to shift towards blockchain.