A building on the prestigious Bahnhofstrasse in Zurich, #Switzerland was successfully tokenized and sold on the blockchain today. This is news today – In future common occurrence 🔥 https://t.co/JCNyBB0HI2#blockchaintechnology #blockchain — 8 Blockchain Capital (@8Blockchain) January 16, 2020
It has been reported that the new owner of the building is BrickMark, the Swiss real estate investment company, as the company has issued bond-backed crypto tokens, which figuratively represent “shares” of ownership in the building.
However, the tokens are currently available to accredited institutional investment professionals who want to cut themselves for earning some of the building’s rental income and benefit from any rise in the property’s value.
It has also been reported that the former owner is a company called RFR Holding, but it will still retain a version of ownership after this sale. The terms required that RFR receive 20% of BrickMark’s total supply of tokens pertaining to the building, so the company will maintain significant interest there and collect passive income from it going forward.
Stefan Rind, the CEO of BrickMark, stated:
“There has never been a token-financed transaction of this magnitude. We are implementing what was once no more than a concept in the real estate industry.”
Thus, BrickMark says that this tech-driven real estate purchase is just the first step in a much bigger plan to build a big blockchain-powered real estate business that could be worth much more than $134 million.