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Neo-investment bank for digital security issuance Equisafe has successfully completed its first real estate transaction using blockchain in France, according to media outlet NextFinance.
As per the report, Equisafe facilitated the purchase of a €6.5 million mansion called “AnnA” in the Boulogne-Billancourt neighborhood of Paris. It was sold to French real estate firms Sapeb Immobilier and Valorcim.
The deal, which was was tokenized using the Ethereum blockchain, first transferred the ownership of the building to a joint-stock company (SAPEB AnnA) before dividing it into 100 tokens to be distributed to the respective owners. Each token can then be further broken down into 100,000 units and traded via secondary market platforms. Individual shares of the building can be bought and sold to as low as €6.50.
“The difference between a typical transaction and an operation like AnnA is that the ownership rights of the company that owns that building are now fully coded in the blockchain,” Bilal El Alamy, Equisfae co-founder said, as translated by Google. “Each token is coded to contain the conditions of purchase, sale, and exchange of securities, as well as the rights to which it gives accesses (dividends, voting…).”
Although the real estate market is still getting acquainted with blockchain, there already seems to be a sustained interest in what the technology can offer in the future. Just recently, blockchain-based real estate platform Propy recently completed a $1.6 million sale of a San Francisco property owned by the venture capital fund CrunchFund.
