The largest real estate transaction using blockchain currency has been made, with investor BrickMark purchasing an office in Zurich, Switzerland, for CHF 130m (£103m).
BrickMark has bought the circa 17,000sq ft Bahnofstrasse 52 in central Zurich from RFR Holding GmbH, the majority of which will be paid using BrickMark tokens.
The transaction is based on a share deal, and initially BrickMark acquired 80% of the shares of Bahnhofstrasse AG with a call option on the remaining 20% within nine months.
RFR will remain a 20% shareholder in Bahnhofstrasse AG and will lead the redevelopment process.
BrickMark chief executive Stephan Rind said: “There has never been a token-based real estate transaction of this magnitude.
“We are implementing what was once no more than a concept in the real estate industry. This is why it was so important to us that the real estate and transaction partners were of the highest quality and reputation.”