BlockIMMO, a real estate platform running on the blockchain network since the start of December 2018, has finally opened its doors for investors interested in real estate and blockchain.
The investment is slated to start with amounts starting as low as CHF 1,000 (1007.55 USD), making it easier for beginners to invest in properties, as per the reports from The Blockchain published on December 17.
The work process of BlockImmo is simple, allowing a real estate seller in listing their properties on the platform, with the issuance of tokens which will be denoting the shares of the property.
BlockImmo will offer investors ease of investing by using a digital wallet, allowing them to store their properties in the form of tokens. The investors can also instill put resources into property via a crowdsale, then watch the crowdsale progress.
LA Token is one such project which is working on similar goals, but the obstructions here are the regulations and approvals from the government.
BlockImmo currently supports wallets that can work on both desktop and mobile; Ledger and Trezor are the two major wallets that back the real estate platform. Although, the investment amount entirely relies upon investors, who can receive their investments in bitcoin tokens, right into their wallets.
BlockImmo is currently working on restricting its operations to locations where it can be regulated thoroughly, in places such as Switzerland and Lichtenstein. The platform is also planning to expand to other regions of Europe, as and when the platform starts to grow.
According to a Medium post by Bastiaan Dao, Founder of BlockImmo, Switzerland is a great place to initiate a platform like BlockImmo, due to the structure of the country’s land registry.
Earlier this week, FINMA, a Swiss Financial Regulatory Body, approved both of the company’s business model and their security token offering (STO). The approval entitles them to pursue their goals, without having to worry about the regulators. The current Swiss laws are still applied on properties that are listed and exist within the boundaries of Switzerland; also limitations on foreigners investing in country’s real estate.
The regulatory body announced this week about the successful acceptance of blockchain companies in the country with only a few changes in its regulations.
Blockchain Technology is making it simple for land registers and other such documents to be stored and accessed to multiple owners. Apart from sharing documents from one owner to another, maintaining digital signatures is also quite straightforward.