A new global property exchange platform will be launched this October that will enable the sale and purchase of UK property with Bitcoin. For the first time, UK property can become a globally tradable asset on a peer-to-peer platform which utilises blockchain technology, according to TrustMe, a blockchain applications company.
The firm is aiming to revolutionise the global real estate market by allowing the fractional trading of individual properties using ‘asset backed certificates’ on linked, Bitcoin denominated, global property exchanges. The TrustMe Property Exchange (TPX) and its Blockchain Land Registry (BLR) will enable homeowners to trade shares (‘property certificates’) in their property on an open market as a new type of tradeable asset-class. Clients on the property exchanges will be able to purchase up to 49% of the value of a property or residential home with Bitcoin, whilst the 51% owner-occupier continues to live in and manage the property.
The first exchange will be rolled-out in London in October, with parallel TrustMe Property Exchanges launching shortly in Toronto and New York. The company is due to announce other cities over the next three months and says that it will establish regulatory compliance in each region it operates in.
TrustMe states: ‘London is the first choice for the location of the initial exchange, as it is host to a buoyant £2trn property market and has well established property laws, rights and processes. The capital is already a popular location for many international investors seeking to acquire property, however, TrustMe also wants to ‘democratise’ ownership by removing the capital threshold that had previously restricted the owning of property to a privileged few. It wants to open-up the asset class using Bitcoin denominated, blockchain enabled, global property exchanges to make property investment an attainable global investment choice for the many, not just the few.’