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First $3M Real Estate Transaction Completed by Swiss Firms on Blockchain

Switzerland became the first country to complete the first-ever $3M real estate transaction on the blockchain. The development that transpired was proudly announced by Blockchain property transaction platform called Blockimmo Ltd. Blockimmo Ltd announced the successful transaction on March 1. Blockimmo was only one of the three companies that made the transaction possible. The other two were Elea Labs Ltd and Swiss Crypto Tokens, which is a firm that specializes in digital asset services.

Blockimmo Technology Stack

The three companies completed the blockchain-based transaction involving real estate property. The property consisted of 18 apartments and one restaurant. The property was valued and sold at around 3 million Swiss Francs, or roughly $2.98M. All three companies are Swiss.

Switzerland Exploring Crypto

Switzerland is one of the countries reputed as a country that is friendly to blockchain and cryptocurrencies. This is because Switzerland has a positive approach to new technologies. In fact, a study at Lucerne University of Applied Sciences concluded that the Swiss fintech market had an impressive growth of 62% in 2018. This growth was a result of companies that relied on distributed ledger technology.

Elea Labs was the one that supplied the real estate data regarding the property. This ensures that each building has its own Property DNA. In the near future, the real estate industry will evolve into a simplified, accelerated and affordable system that uses Property DNA as digital due diligence.

In January, RealBlocks, an American real estate platform that also depends on the blockchain has become successful in closing a round of seed funding. RealBlocks converts equity fund shares into tokens. It also facilitates the sale of real estate shares in both the domestic and global markets.

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