According to reports, Blockkimmo Ltd, the Blockchain property transaction platform, along with two more companies have completed “the first” Blockchain based real estate transaction in Switzerland in a joint effort. Blockimmo development was announced by blockimmo via a blog post on Mar. 1.
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Property Had 18 Apartments and One Restaurant
Blockimmo, digital assets service firm Swiss Crypto Tokens Ltd. and proptech company Elea Labs Ltd. have successfully conducted the first Blockchain backed real estate transaction. The property consisted of 18 apartments and one restaurant. It was sold for 3 million Swiss francs equivalent to $2.98 million.
As per the report the property was tokenized. Meaning its real asset value was represented digitally Ethereum (ETH) in token format. The transaction received support from Swiss Crypto Tokens’ and the CryptoFranc, to avoid price the issue of fluctuations.
Elea Labs reportedly gave the real estate data of the entire property, making sure that each building has its identity, or as it puts it “Property DNA.”
Spearheading the Tokenization of Properties
This was the first step towards the further tokenization of all the real estate that blockimmo plans to sell via a “public crowdsale.” Traditionally, property tokens are to be listed under the regulated exchange during Q2 of the current year.
Switzerland has over the years developed a reputation as one of the major Blockchain and crypto-friendly countries out there because of the positive treatment of these technologies. According to a recent study by Lucerne University of Applied Sciences, the Swiss fintech sector grew by 62% last year. The growth was reportedly contingent on the DLT (distributed ledger technology) focused companies.
Back in January of this year, it was reported that Blockchain-backed American real estate agency RealBlocks, successfully completed a seed funding round. Now RealBlocks has built a decentralized platform which tokenizes the shares of private equity funds. The platform also gives real estate investors the opportunity to sell shares in domestic and international markets.
DAI Wobbles as MakerDAO Users to Vote on ‘Stability Fee’ Increase
DAO (Decentralized Autonomous Organization), MakerDao (Maker) will reportedly allow its users to vote on whether or not to increase a fee used in the Dai (DAI) stablecoin. The report was confirmed by the DAO organization via a March 4 blog post.
Dai, although a USD-backed stablecoin, is not the same as the Maker’s utility token, MKR. MKR is reportedly trading at $678 as of the time this report was published. The stablecoin, Dai is partly used for loans through a structure under the administration of Maker. Maker is a CDP (collateralized debt position).
Now, in a bid to correct the trailing exchange rates for the Dai token (which has dropped below $1), developers are looking to introduce a hike in Maker fees when Dai is created through the designated CDPs.
The “Stability Fee,” most recent cut is 1.5%. This 1.5% rate is a rise from 0.5% between last month and the present day.
However, this time out the fee could rise to as high as 5.5%. Although it will depend on the success of a hike to 3.5%at the initial stage, which users are now going to vote on this week.