Switzerland the first to submit $3 million real estate deal on blockchain

07 Mar, 2019
by Colin Hawkins
Switzerland the first to submit $3 million real estate deal on blockchain

Switzerland has been the first to successfully submit a real estate transaction on the blockchain. A collaboration between three companies made this possible. The three companies are Blockimmo Ltd, Elea Labs Ltd and Swiss Crypto Tokens Ltd.

The transaction, valued at 3 million CHF (Swiss Francs) or approximately 2.98 million U.S. dollars, consists of a restaurant and 18 apartments. The property is now digitally represented on the ETH blockchain, with the CryptoFrac (XCHF) used to support the transaction to help mitigate any price fluctuations.

Martin Schnider, the CEO of Elea Labs based out of Switzerland, revealed that in order to assign each buildings identity, Elea Labs provided real estate data of the property to then make the official Property DNA as transparent as possible. This provided the most efficient solution of the process, while also granting a reduction in costs.

Blockimmo Ltd believes that this is the first step towards the tokenization of other properties, and that we could expect to see property tokens to be listed on a regulated exchange by the end of the year. RealBlocks, a U.S. based also believes in this vision and has completed a seed funding round. They are reportedly developing a decentralized platform for tokenizing shares of private equity funds.

Read more: Swiss Exchange SIX launching an Ethereum ETP week after BTC ETP

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