The first Swiss property is now “live” on the blockchain. The Zug-based blockchain company Blockimmo announced the first such transaction in Switzerland in a press release. Around 3 million Swiss francs or 30% of the property value was tokenized and then sold to four investors.
This transaction was made possible by the combined efforts of three Zug companies Blockimmo, Elea Labs and Swiss Crypto Tokens. Blockimmo supplied the platform for property investments and Elea Labs the complete validated data for the property in Baar ZG, which consists of 18 apartments and a restaurant and Swiss Crypto Tokens enabled the transaction with the ‘CryptoFranc’, a stablecoin linked directly to the Swiss franc.
Tokenizing of real estate aims to give a broad section of investors the chance to acquire part of an individual property with small sums of money. On the other hand, this method should improve transparency in the property sector.
blockimmo is now planning to tokenize further properties that will then be sold by means of a ‘public crowd sale’. In Q2 2019 the company wants to list all property tokens on a regulated exchange, which should further improve fungibility.
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