Switzerland achieves first ever real estate transaction on blockchain
|- Blockimmo, Elea Labs, and Swiss Crypto Tokens complete Switzerland’s first ever real estate transaction on the blockchain.
- The transaction consisted of 18 apartments and a restaurant, totaling 3 million Swiss francs ($2.98 million).
Blockchain property transaction platform Blockkimo along with proptech company Elea Labs and digital assets service firm Swiss Crypto Tokens have complete Switzerland’s first ever real estate transaction on the blockchain. The transaction consisted of 18 apartments and the “Hello World” restaurant, totaling 3 million Swiss francs ($2.98 million)
The property was tokenized meaning it is represented digitally on the Ethereum blockchain in the form of tokens. To avoid price fluctuations, the transaction was supported by CryptoFranc (XCHF), Swiss Crypto Tokens’ stablecoin which is pegged to the Swiss Franc.
Martin Schnider, the CEO of Elea Labs, said:
“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.”
Armin Schmid, the CEO of Swiss Crypto Tokens, stated:
“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.”
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