Switzerland Sees First Real Estate Transaction on The Blockchain Worth CHF 3 Millionby Fintechnews Switzerland March 7, 2019
The first Swiss property is now “live” on the blockchain. In Baar, in the canton of Zug, the first property was tokenized via the transaction platform of blockimmo.
The trade volume amounts to around CHF 3 million. This transaction was made possible by the combined efforts of three Zug companies blockimmo, Elea Labs and Swiss Crypto Tokens.
Elea Labs supplied the complete, validated data for the property and Swiss Crypto Tokens enabled the transaction with the ‘CryptoFranc’, a stablecoin linked directly to the Swiss franc.
‘I am delighted that we were able to pull off this premiere, the first property transaction through blockimmo. The platform is the first secure blockchain product for both private and professional investors,’
explains Bastiaan Don, founder and Managing Director of blockimmo.
Tokenizing is the process by which the real asset value of the property is represented digitally on the Ethereum blockchain in token form. This new financing and investment method is a product of blockimmo. It aims to be the global marketplace for tokenizing property.
Around CHF 3 million, or 20 percent of the property value, was tokenized before being sold to four investors in a club deal. The tokenized property is located at Grabenstrasse 3 in Baar, in the canton of Zug, and consists of 18 apartments and the ‘Hello World’ restaurant.
This makes Baar the site of the first property in Switzerland that also has a ‘digital twin’ on the blockchain. The four transactions were carried out on the Ethereum blockchain and can be verified on the blockimmo platform.
The transaction was supported by Elea Labs, which provided the real estate data of the property. Elea Labs aims to ensure that each building has its own identity or “Property DNA”. This makes the property real – all data about a property is backed up and stored decentralized.
Featured image credit: https://mp.b-public.ch/