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While cryptocurrency and blockchain technology have made rapid inroads to help speed transactions across multiple industries, financing and the fractional ownership of assets is also another real use case. Case in point, real estate. A swanky condo in Manhattan is now on the Ethereum blockchain.

The building, located at 436 and 442 E 13th Street in the East Village, has 12 completely constructed units of 1700 sq ft. Valued at $30 million, the building is the first real estate in Manhattan that has been tokenized, which means that the property is now represented by a set of tokens, which can be bought over the blockchain.

Tokenization is showing itself to be the new way to finance real estate. The listing broker on this deal, Ryan Serhant, said that real estate tokenization offers several advantages. According to Serhant, while the market in New York is always strong, it can take some time to sell for the right price in a new construction building. With blockchain tokenization, it is easy to remove the unruly pressure of traditional bank financing, which is much healthier for the project and all of the stakeholders. “Tokenization is paving the way for a new forefront in real estate development,” said Serhant to Forbes.

Serhant brokered the deal in collaboration with property developers Vail Associate Architects and the Amirian Group. He stated that blockchain technology is an attractive financing tool, and can benefit investors hugely. And this landmark deal has established blockchain technology as something that is real, tangible and trustworthy. Investors now know that anything that has value in the real world can be tokenized, which leads to more liquidity. Not only is tokenization a speedier way to raise funds, but it also offers a more inclusive and decentralized finance ecosystem for such transactions.

The two firms that facilitated the entire process, Propellr and Fluidity, are a digital assets firm and a tech services firm, respectively. Propellr is a regulated broker-dealer and enlisted the services of Fluidity for legal requirements for the deal. Investors can now purchase ownership tokens with Fluidity’s Airswap, a tokenization platform which is Ethereum based.