Home Cryptocurrency Domestic and Foreign Buyers Acquired a ‘Tokenized’ Apartment in a Spanish City by Paying With Ethereum

Domestic and Foreign Buyers Acquired a ‘Tokenized’ Apartment in a Spanish City by Paying With Ethereum

by Gordon James

Domestic and foreign buyers have used Ether to buy a tokenized apartment in Spain, involving a domestic cryptocurrency exchange and a real estate investment company. The city of Seville was the scenario for a cryptographic agreement between the parties.

The transaction had a value of more than $64,000

According to El Correo Web, Spanish cryptocurrency exchange Criptan and investment firm Rental IT have arranged a real estate transaction symbolized by a real estate company.

According to media reports, the tokenization – broken down into multiple tokens and digitized via the blockchain – was done for 32 investors from Spain, Argentina and Mexico. With this acquisition, buyers who put their money into Ethereum (ETH) participated in the investment starting at €100 ($117).

Rental IT then exchanged the cryptocurrencies for fiat currency (euros) and then bought the property from the owner. The deal would be worth 54,773 euros ($64,430), reports El Correo Web. Jorge Soriano, co-founder of Scriptan, stated:

For small savers, it is the beginning of access to a sector that has hitherto been difficult to access, if not in their own country, and the abolition of unnecessary bureaucracy. In addition to confirming the overall security behind these transactions using blockchain technology.

In a similar vein, Eric Sanchez, CEO of Rental IT, believes such deals will pave the way for other brokers to sell real estate and other assets via crypto. Moreover, he predicts that the real estate industry could be moving towards such an assumption within a decade.

Crypto real estate on the rise in the Iberian peninsula

The crypto real estate boom in Spain has gained popularity in recent months, despite the coronavirus pandemic.

Bitcoin.com News reported in early March that Piso Barato Inmobiliaria, a real estate agency in Tenerife, has activated a feature that allows customers to buy properties by paying with bitcoin (BTC).

In addition, another Spanish real estate platform, Idealista, which registered in February, has offered its first property for sale with cryptocurrency – an apartment in central Barcelona.

What do you think of this symbolic apartment contract? Let us know your comments in the section below.

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