A historic 17th century mansion in Rome, Italy will be auctioned off through the facilitation of blockchain startup, Propy. The sale of the 17,000 square foot “Palazzetto” will be the first real estate transaction using blockchain in the EU.
The startup has facilitated several “firsts,” including the first ever blockchain real estate transaction for an apartment in Ukraine last year, and the first American blockchain property transfer for a condominium in Vermont earlier this year.
Blockchain is defined by Google as “a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly.” The point of these transactions is to increase efficiency with nearly instant transactions and the cutting out of middlemen.
The owner of Palazzetto, Filippo Cingolani, had approached the startup Propy about facilitating the auction of his property due to his following of and interest in the development of blockchain technology for the past few years.
Cingolani said he “liked the idea of matching a piece of architectural history with the most modern currency ever.” The 16th century mansion, built by Giacomo della Porta, known for his work on the St. Peter’s Basilica, has been divided into three luxury apartments for the auction after centuries in the Cingolani family.
Cingolani is working with the brokerage Hilton and Hyland. Bidders have to register for the auction in advance, and it will run until June 28th. The starting bid will be 35,000 euro.