In Ukraine, for the first time officially concluded a deal to buy real estate for the cryptocurrency. As noted in the State Agency for e-government, this is the world’s first electronic transatlantic real-estate exchange transaction for the Etheroum cryptocurrency with the use of the smart contract of the Ethereum blockade. The transaction amount in the equivalent is $60K. The legal firm “Yuskutum” accompanied the deal.
The owner of the apartment Mark Ginzburg (who lives in New York) sold the apartment in Kyiv through a representative. The owner of the cryptocurrency was American company Velton / Zegelman, the platform for the deal was the startup Propy in the Silicon Valley. The city apartment was changed to the amount in the cryptocurrency by the barter agreement, having entered into a smart contract.
Before the deal was concluded through the block, the parties entered into a smart contract. The address of the smart contract is displayed in the contract, which is paid directly to the real estate register and to the Ethereum block.
The seller and the buyer on the platform Propy signed the contractual intention, from which the cryptocurrency was transferred to the deposit. After that, the lawyers prepared the necessary documents for the sale transaction, orders for valuation of real estate, signed letters of attorney to the parties, and a notarial transaction were also made. After entering the changes in the ownership right from the register, they received an extract. It, in turn, was loaded into the system, which made it possible to unblock the smart contract and transfer the required amount to the seller.