As per the latest reports, a tokenized apartment in Spain has been sold to investors that have purchased it spending Ethereum (ETH). The sources have revealed that the purchase of the tokenized apartment has been carried out by buyers from local as well as international platforms.
As the deal has been finalized, it has now become the first-ever purchase of a property in Spain that has been fully carried out through digital cryptocurrency.
One of the cryptocurrency reporting firms, El Correo Web has confirmed that the apartment that has been sold is located in Seville. The purchase of the first tokenized apartment in Spain was carried out by a famous cryptocurrency exchange from Spain, Criptan.
On the other hand, the real estate investment firm that facilitated the entire purchasing process of the tokenized apartment was Rental IT. The firm “Rental IT’ revealed how it managed to facilitate the sale/purchase of the apartment fully through the digital-assets.
Rental IT revealed that it utilized the service that is provided through the Criptan Pay platform. By using the Criptan Pay platform, Rental IT successfully tokenized the property. Then, the particular property was put out for sale where 32 different investors came in for the purchase.
Rental IT confirmed that the investors that participated and invested in the Spanish tokenized property were locals, Mexicans, and Argentineans. Rental IT collected the funds from all 32 investors and purchased the property on their behalf by paying the real owner of the apartment in fiat EUR.
Now that the apartment has been purchased by 32 investors, it will be put out for rental services. Rental IT has also confirmed that the investors have chosen their platform for managing the process of renting out the property to other investors.
Once the property is rented, each investor will be receiving a certain percentage of profit from the collected rent and the profit margin will be based on each investor’s invested amount.
According to the reports, the investors who wished to take part in the property selling process were required to make a minimum investment of $120. At the end of the day, the 32 local and international investors successfully made up for a total of $65,000 for the project.
It is yet to be revealed by the firms if they will be going for the same selling process any time soon in any other country. However, Jorge Soriano, who is the co-founder of Criptan stated that as it was a new venture, they didn’t want to go all-out with investments.
Keeping the above in mind, the firm went for a project that was bound to attract small-time investors, which turned out to be a great success. Now, Criptan knows that going with the project is very much possible so they will be coming up with more projects but there are none on the list for now.