National and foreign buyers acquired a â€œtokenizedâ€ apartment in Spain with ethereum, which involved a domestic crypto exchange and a real estate investment firm. The city of Sevilla was the scenario for the crypto deal between the parties.
Transaction Was Worth Over $64,000
The media outlet specified the tokenization â€” split into several tokens and digitalized through a blockchain â€” was done to target 32 investors from Spain, Argentina, and Mexico. With the acquisition, the buyers that disbursed their funds paying with ethereum (ETH) participated in the investment starting from 100 euros ($117).
Afterward, Rental IT exchanged the cryptos into fiat (euros) and then purchased the property from the owner. The transaction was reportedly worth 54,773 euros ($64,430), said El Correo Web. Jorge Soriano, the cofounder of Criptan, commented on the transaction:
In the same line, Eric SÃ¡nchez, Rental ITâ€™s CEO, believes such transactions pave the way for other brokers to sell real estate and other goods via crypto. Moreover, he forecasts that in ten years, the real estate sector could shift towards such adoption.
Crypto Real Estate on the Rise in the Iberian Peninsula
Crypto real estateâ€™s boom in Spain has been making the headlines in the last few months, despite the coronavirus pandemic.
Bitcoin.com News reported early in March that Piso Barato Inmobiliaria, a Tenerife-based real estate firm, has enabled the feature that allows customers to acquire properties by paying with bitcoin (BTC).
Also, another Spanish real estate platform, Idealista, listed in February its first-ever property for sale for cryptocurrency â€” an apartment located in the center of Barcelona.
What do you think about this transaction involving a â€œtokenizedâ€ apartment? Let us know in the comments section below.
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