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Filippo Cingolani’s Mansion to Trade for $42 Million on Blockchain

Filippo Cingolani's Mansion to Trade for $42 Million on Blockchain

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The architect Giacomo Della Porta is known for his extravagant architecture throughout the UNESCO heritage site in the early 1600s. The Palazzetto inside the Palazzo Albertoni Spinola is valued at around USD 42 million. Hilton & Hyland real estate brokerage and blockchain startup Propy will be hosting the auction. Propy CEO Natalia Karayaneva confirmed that bids for the mansion can be in either cryptocurrencies or fiat.

This isn’t the first time that a property sale has been recorded on the blockchain. Back in September 2017 a USD 60,000 apartment in Ukraine, was purchased by Michael Arrington, founder of TechCrunch. Propy confirmed the transaction using smart contracts on the Ethereum blockchain, concluding the trade with an exchange of cryptocurrency. Using blockchain meant Michael could complete his purchase without having to travel to the country.

Moving property transactions onto a blockchain will create an irrefutable record whilst making the process more transparent to parties involved. Accessibility of information on the blockchain will speed up the process compared to an exchange of paper contracts.

“The process of buying real estate today is non-transparent and non-secure even in the U.S. The bidding mechanism of providing offers blindly is very manipulative. This is why it is important to not only automate payment and title deed recordings … but also to automate the auction and offering mechanisms,” Karayaneva said.

Italian Mansion isn’t the only luxury home for sale in cryptocurrencies

Two luxury homes in the UK were purchased with bitcoin from the developers in December 2017.  There is a growing trend of developers placing new homes on the market while keeping their options open to accept cryptocurrency payments. By doing so, they are looking to draw those who have benefited from the gains in recent years.
A four-bedroom detached GBP 350,000 family house in Colchester was purchased by an unnamed buyer, a software developer, who had done exceptionally well mining bitcoin, and was looking to transfer some of his wealth into a new home as an investment. Go Homes sold a four-bed townhouse in Hertfordshire for GBP 595,000 to a separate bitcoin owner who again had accumulated his wealth through mining.
Ed Casson, group sales director of Go Homes said, “Our industry has largely remained unchanged in terms of innovation in the last 50 years. We are taking an opportunity to embrace this technology. The move will be popular as it will benefit buyers and sellers due to transactions being swifter.”
Global real estate company REX is looking to develop a service to connect sellers, agents, and buyers globally to trade on the blockchain. New York-based ATLANT is researching a blockchain-property ownership project where several individuals could all share ownership of a property similar to that in which shareholders jointly own a company.
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