Three Companies from Swiss’ Crypto Valley Complete $3 Million Real Estate Transaction on Blockchain
An announcement made on Friday, March 1st, revealed that three Swiss-based companies were successful in completing a CHF 3 million real estate transaction on blockchain.
The milestone attained was revealed by blockimmo Ltd, a blockchain-based property transaction platform. The other two companies that contributed to the achievement include proptech (property-technology) company, Elea Labs and Swiss Crypto Tokens Ltd, a firm that aims to offer services revolving tokenization.
According to the claims made, Elea Labs’s role in ensuring the data related to the property was on par along with Swiss Crypto Token’s role in processing the transaction with Swiss-franc based stablecoin, CryptoFranc are what resulted in success. As for blockimmo Ltd.’s role, it has been noted that their property tokenization product was essential, reports Founder and Managing Director of blockimmo, Bastiaan Don.
Don views traditional tools within the real estate sector as creating hindrances for growth, especially due to the market’s “non-transparent” nature and hard-to-access, “asynchronous information.” He trusts that blockimmo’s approach is a possible solution to such problems.
As for the tokenization process, 20 percent of the property was tokenized prior to selling it to four investors, which was supposedly completed in a “club deal” via the Ethereum blockchain. CEO of Elea Labs, Martin Schnider appears to be content with what Elea Labs’ part, as he values elaborated details involving property data. Here’s what he had to say,
“Property DNA enable users of the blockimmo platform to make a sound investment decision based on complete and validated property data. In the future, the Property DNA will enable a transparent digital due diligence and simplify, accelerate and reduce the cost of processes across the entire real estate industry.”
To avoid price fluctuations, CryptoFranc was chosen, which was completed by Swiss Crypto Tokens. CEO, Armin Schmid believes that the attained milestone will be followed as an example within the real estate world. In particular, he said:
“Here, one can see a brilliant implementation of the way real estate will move between parties in the decades to come, purely on the blockchain.”