Domestic and Foreign Buyers Acquired a 'Tokenized' Apartment in a Spanish City by Paying With Ethereum – News Bitcoin News


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

National and foreign buyers acquired a “tokenized” 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

According to El Correo Web, the Spanish crypto exchange Criptan and the investment firm Rental IT arranged the transaction of the property, tokenized by the real estate company.

The media outlet specified the tokenization — split into several tokens and digitalized through a blockchain — 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:

It is the start for small savers to access a sector that until now has been difficult to access if it was not in your own country and eliminate excess bureaucracy. In addition to confirming the total security that exists behind these transactions through blockchain technology.

In the same line, Eric Sánchez, Rental IT’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 estate’s boom in Spain has been making the headlines in the last few months, despite the coronavirus pandemic. 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 — an apartment located in the center of Barcelona.

Tags in this story
crypto exchange, Cryptocurrencies, Europe, property, Real estate, Spain, Spain Crypto, tokenized, tokenized assets

What do you think about this transaction involving a “tokenized” apartment? Let us know in the comments section below.

Felipe Erazo

Born in Colombia, Felipe earned a degree in journalism at the University of Chile with the highest honor in the overall ranking and holds a Bachelor of Arts in Social Communication. He is a writer with more than nine years of experience, first in the Forex field and later in the crypto industry as an analyst/news junkie. Among his interest topics include human rights, decentralization, financial markets, geopolitics, sports, and new technologies. An inveterate traveler, and always attracted to a good plate of food.

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