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A constructing on the celebrated Banhofstrasse in Zurich, Switzerland was efficiently tokenized and offered on the blockchain right this moment.
The brand new proprietor of the constructing is Swiss actual property funding firm BrickMark. The corporate has issued bond-backed crypto tokens that figuratively signify “shares” of possession within the constructing.
The tokens are presently out there to accredited institutional funding professionals who need to lower themselves in on incomes a number of the constructing’s rental earnings and profit from any rise within the property’s worth.
Right here’s a Google Avenue View picture of Banhofstrasse 52, the constructing in query. Situated within the heart of the town in a high-demand retail district, it’s residence to personal workplace house and a Swatch retail outlet:
The previous proprietor is an organization known as RFR Holding, however it can nonetheless retain a model of possession after this sale. The phrases required that RFR obtain 20% of BrickMark’s complete provide of tokens pertaining to the constructing, so the corporate will keep important curiosity there and gather passive earnings from it going ahead.
Brickmark says this tech-driven actual property buy is simply step one in a a lot greater plan to construct a giant blockchain-powered actual property enterprise that might be value far more than $134 million.
But it surely all has to start out someplace.
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