€6.5 million Paris villa tokenized and sold on Ethereum

02 Jul, 2019
by Alberto Arnaldo
Adoption
€6.5 million Paris villa tokenized and sold on Ethereum

Real estate tokenization keeps on adding milestones to its list of cryptocurrency adoption. A Parisian villa sold last week will make it to history as the first European property being purchased with a blockchain transaction.

Prior to being sold, the “AnnA” villa and hotel, located in the Boulogne-Billancourt district, was divided in 10 tokens, which at the same time can be divided in 100,000 units, each tradeable for 6,5€.

As Chepicap has been reporting, real estate tokens are already making their way into the markets, with the firm Elevated Returns using Tezos (XTZ) to tokenize up to $1 billion in real estate assets.

Bilal El Alamy, co-founder of Equisafe, the French blockchain investment platform which powered the transaction, has said the following about the deal:

“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. Each token is coded to contain the conditions of purchase, sale and exchange of securities, as well as the rights to which it gives access (dividends, voting…)”.

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