The first real estate deal completed with blockchain has been completed in Switzerland, without any complications. Our Bitcoin News reported that this was thanks to Blockimmo Ltd, a blockchain property platform. This was also supported by Elea Labs Ltd and Swiss Crypto Tokens Ltd.
The blockchain transaction is worth CHF 3 million (USD 2.98 million) and was completed by the three blockchain platforms. The deal was for a combination of 18 apartments and a restaurant. The property's asset value was digitally represented on the Ethereum blockchain (ETH) and was paid in the form of tokens.
So that there are no complications and price fluctuations, CryptoFranc (XCHF), a stablecoin in Swiss francs, was used in accordance with completing the transaction as well. Elea Labs was tapped to provide the data of the property. Martin Schnider, the CEO of the company, said and revealed that Property DNA was also approached to provide further due diligence for the real estate properties.
Meanwhile, in other places, blockchain is also getting the recognition it deserves. Coindesk reported that the Thai government has given its 'green light' to give blockchain-based security trading more room to operate in the country. This covers the issuance as well as trading of bitcoin and other crypto-based currency.
Thailand's National Legislative Assembly has passed an amendment to the Securities and Exchange Act, creating a legal basis for which token securities covering stocks and bonds can be issued. The amendment will come to pass during the year, with the SEC to issue further guidelines and rules for electronic, tokenized securities.
SEC deputy secretary-general Tipsuda Thamavara revealed plans for clearing the way of tokenized platforms where, in the future, they will be able to operate with ease, so long as they operate by the law. This also serves to help in the development of the digital ecosystem where coins are being traded.
That future is already being realized in Switzerland. Blockimmo is widely convinced that development is the initial step towards creating a better system for tokenization of properties. The property tokens are also expected to come on the market, covered by a regulated exchange system, before the current year ends.
Blockimmo has worked with US-based blockchain-supported real estate platform RealBlocks. They were involved in completing a seed funding round. The firm had also been connected with creating a decentralized platform, where tokenized shares of equity funds are traded.
