Spain's First Tokenized Real Estate Sold for ETH to Investors

Criptan, a platform of Valencia origin for the sale of cryptocurrency, and the real estate investment company Rental IT, took part in the purchase of real estate, paid for exclusively with cryptocurrencies.

Using the Criptan Pay platform, Rental IT claimed to have successfully tokenized the property and bought it with 32 different ETH-paying investors from Spain, Argentina and Mexico, with the original owner receiving the payment in paper euros. Rental IT will now begin renting out the apartment on behalf of the investors, who will then receive a share of the monthly rent proportional to their investment.

As a result of the tokenization, about $65,000 was raised, while investors wishing to participate in the project were allowed to contribute at least about $120. Earlier this year, the Barcelona apartment became the first in the country to be put up for sale, and the owner indicated that he wants to receive payment in Bitcoin (BTC) for the property. Experts in the country said last week that interest in cryptocurrency-related real estate transactions is on the rise.

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