A Swiss building has been tokenized and sold on blockchain
- The building buyer issued bond-backed crypto tokens, which figuratively represent “shares” of building ownership.
- The new builder owner stated that this is just the beginning of building a major blockchain-powered real estate business.
Recently, a building located in Zurich, Switzerland, has been tokenized and sold on the blockchain successfully. A Swiss real estate investment firm BrickMarket is the new owner of the building. The firm issued bond-backed crypto tokens, which figuratively represent “shares” of building ownership. Individuals can purchase these tokens and earn a part of the building’s rental income and benefit from any surge in the value of the building.
The building was previously owned by a company called RFR Holding, which will still retain a version of the building ownership after the sale. As per legal terms, RFR receives 20% of BrickMarket’s total supply of tokens pertaining to the building. This way, the firm will maintain prominent interest and earn passive income from now on.
BrickMark stated that this tech-driven purchase of real estate is only the beginning in building a major blockchain-powered real estate business, which could be worth way over $134 million.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
