Ethereum: a luxury residential building in Manhattan, finds home on the Blockchain
Home News Ethereum: luxury residential building in Manhattan, finds home on the Blockchain
New York was already respects, often a pioneer in Financial, finally, the Wall Street is there home. Now, there should be written history and Ethereum is an important part. A 30 million US Dollar luxury residential building in Manhattan is the first large-scale property, which will be translated into tokens. Thus, the value of the building is digitized and can later be purchased to investors in the crypto-currency.
The advantages of the Tokens in the real estate market
The building in Manhattan, a luxury apartment complex with 12 units in the East Village, and has a value of around 30 million US dollars. The Tokenization on the crypto-currency, Ethereum is based and the successful Integration of the currency into the real estate market could be the price of the ETH significantly upwards. Is the process done by the company Propellr and Fluidity. The broker of the building complex, Reality TV personality Ryan Serhant, which in 2012 reached place 15 of the most successful salesman in New York, on the list of the magazine “The Real Deal” is. He sees the new development on the real estate market as extremely positive. So the Tokenization is a way to Finance.
With this method, it is the ideal choice for this project and other investors. The Forbes magazine, Serhant said in a Statement that the market in New York is strong, it need often, however, time to sell real estate in a new building at the right price. By funding on the Blockchain traditional banks have to no longer be considered for the preparation of money, creating a lot of pressure on the seller and the Stakeholder falls. This experiment could therefore mean a breakthrough development for future real estate projects.
The Tokenization by Propellr and Fluidity
In the process of Tokenization will be tangible assets such as company shares, property or Goods in the digital Blockchain absorbed by so-called “Security Tokens”. Later, it can be transferred to the property value easier to a buyer. The company Propellr provides a platform to such a Security token is created and can be managed. Propellr Securities is also a subsidiary company for stock brokers. Fluidity offers while technical solutions for brokers such as eToro, issuers and institutions, which want to serialize your property token. In the project in Manhattan Fluidity uses your leading project AirSwap, a network of to Act with Ethereum, this works on a technology from Wallet to Wallet, so no intermediary is required, and no fees demanded.
The company announced that it would adjust AirSwap for stock brokers to open a second market for the sale of real estate and other property. With the help of the Blockchain technology, these values can be taken online and on a global marketplace sold. So buyers and sellers are connected directly to each other, and the leaves on a new System, the traditional Bank financing outdoor.
The luxury complex in Manhattan will be the first major property, the Tokenization funded and is to be sold. If the project succeeds, it could form a new platform for the sale of real estate and the crypto-currency, Ethereum will experience a new Boom.