$134 Million worth Real Estate property in Zurich sold via 20% Cryptocurrency Token Payment


The cryptocurrency industry set-off with
the pompous beginning as a lucrative instant profit-making industry until the
bubble burst in recent times. Over the last decade, it has witnessed a lot of
defamation, disbelief, and apprehensions. But over the time this roller-coaster
ride has been settled with a more promising future and the industry is maturing
rapidly than ever, exploring the wide spectrum of utilities in the real world.
Crypto assets have been redefining the real
estate sector and the recent massive deal in Switzerland Zurich has stamped
this development.
Last week, the Zurich real estate market
witnessed a massive deal of one of the most exclusive and prominent shopping
commercial Complex Bahnhofstrasse 52 located in the most sought after commercial
location at Zurich.
How the Deal was Sealed?
A
major real estate investment firm BrickMark from Zurich bought the majority of
stakes in this hi-profile exclusive real estate commercial property.
RFR Holding which is the reputed real estate
investment group, recognized for purchasing a well-known Chrysler building in
2019 carried out this deal. Out of the
$134 million, deal amount, BrickMark partially (20%) sealed the deal by
creating and issuing Ethereum based proprietary BrickMark tokens.
The investors will have fractional
representation through the individual shares of ownership in the building will
have the opportunity to and sale digital tokens of the property.
With the tokens representing around 20% of
the approximately $134 million transactions, BricMark’s property deal records
the largest token-based real estate transaction in history.
In a press release, BrickMark CEO Stephen
Rind said, “We are breaking new ground for the real estate industry. There has
never been a token-based real estate transaction of this magnitude.”
More about the Property Bahnhofstrasse 52
Bahnhofstrasse 52 is a 1600 square meter property
located in the commercial zone of the most sought region of Zurich.
Currently, this space is largely utilized
by private firms. The new owners aim to redevelop this property within the next
2 years with a new vision redesigning the individual areas of the property. It
is expected that these changes will double the property's rental value.
Managing Director of RFR, Alexander
Koblischek commented:
“We gladly accepted the BrickMark tokens as
part of the purchase price,” “We assume that digital financial instruments will
also significantly gain in importance in the real estate sector in the future.
The current transaction may have an icebreaker function for the sector in terms
of its volume and institutional character.”
Other worldwide Blockchain-based Deals
in Real Estate

Jayashree Ingle
CBW - External Analyst
INDIA