The cryptocurrency ethereum has made it possible for almost anyone to create so-called tokens. These tokens can be used as shares in an asset because they can easily be sent and almost impossible to counterfeit. Making the ownership of the properties into tokens has been interesting for many investors and property developers for quite some time.
Now, the ownership of twelve luxury apartments in Manhattan in New York has been made into tokens on the ethereum’s blockchain. These apartments have previously been valued at $30 million, CCN writes.
Works as shares in the apartments
This means that you can now buy a share in the apartments by purchasing a token on ethereum’s blockchain. These tokens work as shares in the apartments and each token stands for a certain ownership, CCN writes.
“With blockchain tokenization, we can remove the unruly pressure of traditional bank financing, which is much healthier for the project and all of the stakeholders”, says the real estate agent Ryan Serhant to Forbes.