Today for the first time in Ukraine a deal was officially concluded to purchase real estate for crypto currency, according to the report of the State Agency for e-government.
Such an electronic transatlantic deal on the exchange of real estate for the crypto currency Ethereum using the smart contract of the blockchain Ethereum is concluded for the first time in the world.
The transaction amount is equivalent to 60 thousand dollars. The law firm Juscutum attended the deal.
“In the future, every person in any country in the world will be able to buy real estate in any other country in electronic form in 24/7 mode, and all data on the transaction will be recorded in the blockchain. The buyer will receive an electronic certificate of ownership, which will be reliably protected by blockchain technology. The entire transaction process will be automated by a smart contract,” Juscutum representatives believe.
A resident of New York sold his own apartment in Kyiv through a representative.
The owner of the crypto currency was American company Velton / Zegelman, and the platform for the deal was the startup Propy in the Silicon Valley.
The apartment in the Ukrainian capital was exchanged to the amount in the crypto currency in accordance with the exchange agreement, under a concluded smart contract. The "contract" address is displayed in the agreement, which is included directly to the real estate register and to the Ethereyum blockchain.
The seller and the buyer signed the contractual intention on the platform Propy, on the basis of which the crypto currency was transferred to the deposit.
After that, the lawyers prepared the necessary documents for the transaction of purchase and sale, commissioned certificates of the real estate valuation, issued power of attorney to the parties and conducted a notarial deed.
Earlier, about a month ago in the US, a deal was made to buy a house for bitcoins, and the first successful deal to sell residential property for crypto currency in Denmark in 2016 was announced by a blockchain-startup Coinify.