Blockchain real estate startup Blockimmo, in partnership with Elea Labs and Swiss Crypto Tokens, has completed the first real estate transaction on a blockchain in Switzerland.
Blockimmo is a blockchain powered, regulatory compliant platform that enables shared property investments and ownership. It aims to be the global marketplace for tokenization of real estate. The Blockimmo property transaction platform allows investors to invest in properties with small amounts. On the other side of the transaction, property owners can achieve top prices for the sale of their real estate.
In an online post, Blockimmo said that it conducted the first Swiss real estate transaction using its blockchain platform in Baar, in the canton of Zug. 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.
Around CHF 3 million ($2.98M USD), or 20 percent of the property value, was tokenized before being sold to four investors in a club deal. The tokenized property consists of 18 apartments and the ‘Hello World’ restaurant. According to Blockimmo, the real asset value of the property is represented digitally on the ethereum blockchain in token form.
“The first Swiss property is now “live” on the blockchain,” Blockimmo said. “The message of ‘Hello World’ has now gone out from the property in Zug’s Crypto Valley into the whole world.”
Bastiaan Don, founder and Managing Director of Blockimmo, claims that the company’s platform is the first secure blockchain product for both private and professional investors, adding that it aims to be the global marketplace for tokenizing property.
“Traditional property investments and their issuing programmes have barely moved forward,” Don said. “In Switzerland, you have a non-transparent market with asynchronous information that is difficult to access. This has a negative impact on the liquidity potential of the real estate market. By using blockchain technology, blockimmo enables a solution to a problem, representing a paradigm shift for real estate ownership and trading.”
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