Three firms put Switzerland’s first real estate transaction on blockchain
Wed, 06 Mar 2019, 11:06 am UTC
Property transaction platform blockimmo has announced that it has completed the first Swiss property transaction using blockchain technology with two other companies.
In an online post dated March 01, blockimmo said that, in collaboration with Elea Labs and Swiss Crypto Tokens, it has conducted a blockchain-based real-estate transaction and that the Swiss property is now live on the blockchain.
The property was “tokenized” using blockimmo’s transaction platform, while Elea Labs supplied the complete, validated data for the property, and Swiss Crypto Tokens enabled the transaction with the ‘CryptoFranc’, a stablecoin pegged to the Swiss franc.
According to the transaction details, 20 percent of the value of the property located at Grabenstrasse 3 in Baar, in the canton of Zug – amounting to approximately CHF 3 million – was tokenized before being sold to four investors in a club deal. The four transactions were carried out on the Ethereum blockchain and can be verified on the blockimmo platform.
Furthermore, the risk of price fluctuation associated with cryptocurrencies was eliminated by using the digital Swiss franc CryptoFranc (XCHF), from Swiss Crypto Tokens, which currently has 15 million units in circulation.
Going forward, blockimmo plans to tokenize more properties that will then be sold by means of a ‘public crowdsale’. The company said that it expects all property tokens to be listed in the second quarter of this year on a regulated exchange, which will further improve their fungibility.
“With this market launch and groundbreaking first deal, this technology is now live. We are digitalising real assets together with our partners. We are thankful for the opportunity to shape in a sustainable way the real estate industry and the blockchain community and we look forward to the next step,” Bastiaan Don, founder and Managing Director of blockimmo, said.
blockimmo also announced that it is working on a decentralised exchange known as STX.SWISS, which will form the basis for a new system for tokenizing, investing and trading.
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