Equisafe has completed the very first real estate transaction facilitated by blockchain in France, according to a report.
Equisafe is described as a “neo investment bank” for digital security issuance. Equisafe can provide a variety of services including security token issuance and a secondary market for private securities. Equisafe also will white-label its platform.
According to a report in Capital, on Tuesday (June 25), Equisafe facilitated the €6.5 million purchase of a mansion – “Anna” in the Boulogne-Billancourt neighborhood of Paris.
The property was tokenized using the Ethereum blockchain. A share in the company was represented by 10 tokens. These tokens were distributed to purchasers. Each token may be divisible into 100,000 units and exchanged on the secondary market. A token is thus equivalent to €6.5.
Equisafe says the entire process was simplified due to their tech and tokenization should provide liquidity for the owners.
EquiSafe co-founder Bilal El Alamy said it was not yet certain if the purchasers would sell any tokens on the secondary market. The purchasers are planning larger projects in the future which may be more inclined to trade on a crypto market.
Hier, autour d’un écosystème d’acteurs de premier plan avec @bilalelalamy et @Pierr_Person, nous avons participé à l’opération AnnA, première vente d’immeuble via la #blockchain en Europe. Nous avons œuvré à la structuration juridique de l’opération de #tokenisation des actifs. pic.twitter.com/HdvkD2GtCc
— CMS Francis Lefebvre Avocats (@cms_fl) June 26, 2019
France is a country that is seeking to create a national jurisdiction that embraces blockchain innovation. The Loi Pacte, legislation that became law earlier this year, provides for non-security tokens to be issued and traded. For an STO, the security is regulated under existing law.
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