The building on the prestigious Banhofstrasse in Zurich, Switzerland, was successfully marked and sold on blockchain today.
The new owner of the building is the Swiss real estate investment company BrickMarket. The company issued bonded cryptographic tokens, which figuratively represent the ownership "shares" in the building. These tokens are intended for sale to people who want to cut themselves into earning a portion of the income from renting the building and benefit from any increase in the value of the property.
The former owner is a company called RFR Holding, but after this sale will retain its version of ownership. The conditions required RFR to receive 20% of the total supply of BrickMarket chips associated with the building, so the company will maintain significant interest in the building and will benefit from its passive income in the future.
Brickmark says this technologically driven real estate purchase is only the first step in a much larger plan to build a large real estate business based on a block chain, which could be worth much more than $134 million.
