How we selected these companies
Apart from Unknown Gravity, which publishes this page and is listed as a technology provider with no regulated status, we included a company only if (1) its real estate activity is described on its own website and (2) a public register confirms its registration, license, company record or SEC filings: FINRA BrokerCheck, the SEC adviser database, the SEC list of alternative trading systems, EDGAR or a national company register. (3) For each one we state where it operates and whether it serves sponsors, investors or both, so you can judge whether it fits a cross-border project. We did not use returns, deal volumes or third-party rankings, and we left out platforms whose status we could not confirm in a register. A registration is not an endorsement by any regulator. The numbering is not a quality ranking: Unknown Gravity appears first because it publishes this page.
01
Unknown Gravity: real estate tokenization platforms built to order
Unknown Gravity, a technology company based in Málaga, Spain, builds real estate tokenization platforms for developers, sponsors and asset managers: the token structure over the vehicle that owns the property, the smart contracts, investor onboarding with KYC/AML, payments, the investor area and the distribution of rental income. It uses ERC-3643 when only verified investors may hold or receive the tokens. See our real estate tokenization service.
HokenFi is the tokenization platform of Unknown Gravity, the publisher of this guide. Real estate sponsors can use it as a ready-made platform for tokenized property offerings in Spain, with the register kept by an ERIR.
It is a technology provider, not a regulated intermediary. In the United States it is not a broker-dealer, funding portal, transfer agent, investment adviser or law firm: it builds the platform and works alongside the issuer's US securities counsel and the registered intermediaries the offering needs, such as a transfer agent, a broker-dealer or ATS, or a funding portal. How those pieces fit together is explained in real estate tokenization in the United States. In the EU it works with the issuer's legal advisors and with authorized firms when the token is a financial instrument.
- Where it fits: sponsors and developers who want their own investor platform instead of listing on a third-party marketplace.
- Where it does not: it does not sell the tokens to investors or run a secondary market; that requires a licensed firm.
02
RedSwan: commercial real estate offerings through its own broker-dealer (US)
RedSwan, based in Houston, Texas, lets sponsors submit commercial properties for tokenized offerings and lets investors buy fractional interests in them. The offerings featured on its home page were hospitality assets when we checked, all marked for accredited investors, and the site states that its information is intended for accredited investors only.
- Broker-dealer: RedSwan Markets, LLC, FINRA CRD 322259, SEC No. 8-71020 (BrokerCheck). The website states that securities are offered through this firm. BrokerCheck shows state registrations in four states only: California, Florida, New York and Texas.
- Investment adviser: its parent, RedSwan PC, Inc. (registered as Red Swan Private Client), is an SEC-registered investment adviser, CRD 307278, SEC No. 801-118188 (IAPD).
Where it fits: sponsors of commercial real estate, mostly in the US, raising from accredited investors.
03
Tokeny: ERC-3643 software for real estate security tokens (Luxembourg)
Tokeny, based in Munsbach, Luxembourg, sells the software an issuer uses to create and manage tokenized securities, real estate included: digital onboarding and KYC, transfer rules enforced on chain through investor identity, cap table management and corporate actions. Its real estate process page tells issuers to structure the instrument with legal advisors or law firms. Founder and CEO Luc Falempin is one of the listed authors of ERC-3643, a standard with Final status in the Ethereum EIP repository.
Where it fits: real estate funds and issuers that need transfer restrictions built into the token and prefer off-the-shelf software to a custom build.
04
REtokens: real estate marketplace with its own broker-dealer and an ATS filing (US)
REtokens USA Inc. provides tokenization technology and administrative services to real estate sponsors, syndicators and fund managers, and the securities are offered through its subsidiary REtokens Capital LLC, according to its website. The company states that the digital securities are held by BitGo as qualified custodian.
- Broker-dealer: REtokens Capital LLC, FINRA CRD 333160, SEC No. 8-71290, Spokane Valley, Washington (BrokerCheck).
- ATS: RETOKENS CAPITAL LLC is on the SEC list of ATSs with Form ATS on file as of September 30, 2026. Its website describes same-day settlement once the ATS is operating, so confirm that secondary trading is live before you count on it.
- Parent company: REtokens USA Inc. states that it is not a broker-dealer, investment adviser, transfer agent or ATS.
Where it fits: US sponsors who want a marketplace dedicated to tokenized real estate with an affiliated broker-dealer.
Conclusion: issuer or investor, check the structure first
In the US, tokenized real estate is a securities offering: usually an SPV or series LLC sold under Regulation D, Regulation A or Regulation Crowdfunding, with a transfer agent or the issuer keeping the official record and a broker-dealer or ATS for any resale. Sales under Rule 506(c) are limited to accredited investors whose status the issuer takes reasonable steps to verify (17 CFR 230.506(c)); Regulation A Tier 2 allows up to $75 million in 12 months (17 CFR 230.251); Regulation Crowdfunding, up to $5 million in 12 months (17 CFR 227.100). In the EU, a token that is a financial instrument falls outside MiCA (art. 2(4)(a) of Regulation (EU) 2023/1114) and follows securities rules.
If you are a sponsor or developer
- Who structures the vehicle and the offering with you, legally and technically?
- Which registered firm sells the tokens, and who keeps the official record of holders?
- Who maintains the platform and the smart contracts after launch, and who owns them?
If you are an investor
- Which right does the token give you: shares, units, a loan or only a copy of the register?
- Which entity owns the property, and can you check it in a public register?
- How can you exit, and is the resale venue authorized and operating today? See our guide to investing in tokenized real estate.
For other assets, see our ranking of tokenization companies.
Data verified as of October 14, 2026. Registrations change: check each register before you sign or invest. This comparison is published by Unknown Gravity, which is one of the companies listed. Talk to us.