Blockkimo Ltd., a property blockchain-enabled platform, and two other Swiss companies have come together to create among the first real estate transactions on the blockchain in Switzerland.
The development was announced by blockimmo in a recent blog post.
Blockimmo, proptech company Elea Labs Ltd. and digital assets service firm Swiss Crypto Tokens Ltd. have conducted a blockchain-based real estate transaction — consisting of 18 apartments and a restaurant — at a cost of 3 million Swiss francs ($2.98 million).
The property was reportedly tokenized, which means that its real asset value is now represented digitally on the Ethereum (ETH) blockchain in the form of tokens. The transaction was supported by Swiss Crypto Tokens’ stablecoin pegged to the Swiss franc, the CryptoFranc (XCHF), to avoid price fluctuation risks.
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