Real estate investment firm Rental IT and Criptan, a Valencia-based crypto exchange, have successfully sold the first tokenized exchange in Spain. A report unveiled this news on March 23, noting that the property in question is an apartment located in the city of Seville. Reportedly, Rental IT tokenized the property to let 32 investors from Spain get shares of the apartment.
According to the report, this is the first-ever deal that involved the exchange of property for crypto. In this case, the buyers paid for the property in Ethereum (ETH). However, the original owner of the apartment received payment in fiats. Allegedly, the apartment cost £47,200 and the minimum amount per investor was set at £87.14.
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Now that the deal is complete, Rental IT will rent out the apartment on behalf of the investors. In turn, the investors will get a portion of the monthly rental income based on the size of their investment.
Both firms did not disclose whether this was a one-off deal or whether they would make similar investments in other properties. However, Criptan’s CEO, Jorge Soriano said this deal was the start of a revolution that would let small-scale investors buy into a sector that has been difficult to access for a long time. He went on to tout the use of crypto in purchasing properties, saying that it eliminated bureaucracy. Soriano added that the blockchain ensures crypto transactions remain secure.
Consistent efforts in promoting crypto adoption
According to Soriano, Criptan has initiated a variety of projects to streamline crypto payments in a variety of sectors, including hotels and sports. He noted that the exchange recently facilitated the actualization of the first crypto-powered signing in the history of football. This deal involved the transfer of Real Madrid’s former striker David Barral to Inter Madrid in exchange for Bitcoin (BTC).
This news comes as crypto payments in the real estate sector continue catching on. Before this deal, Idealista listed a Barcelona-based apartment for sale in BTC. Before this, a Turkish real estate firm dubbed Antalya sold nine properties in BTC.
