Through a partnership deal with a legal solution company Jur, the native token of the blockchain project VeChain, VET, will be used as a payment option for purchasing real estate.
VeChain, created by Sunny Lu, is a very unique and relevant project, as it gets the title of a real blockchain solution to the industrial issues over the world.
At the very beginning of the project’s development, VeChain was mainly focused on solving supply chain issues. However, the project expanded its scope of services to a wide range of other industries, such as luxury goods, automation, agriculture, logistics, and even retail over the following years.
Therefore, the latest VeChain (VET) update has just been released. It is reported that the Shanghai blockchain company has entered into partnerships with a real estate company Jur provided legal solutions. The announcement was posted by VeChain on the company’s official blog.
Thus, Jur provides secure commercial agreements that facilitates the purchase of a real estate with VET cryptocurrency.
Breaking News: The @vechainofficial ecosystem has just got a tremendous new update: Jur partners with Dream Tower in Cyprus to provide secure commercial agreements (#SCA) governing the sale of properties. #Blockchain meets luxury #realestate. Read: https://t.co/KeSiquNNia
— Jur (@JurProject) January 15, 2020
This partnership will enable people buying property on the blockchain, with secure, compliant, commercial agreements in an automated flow.
Note that the purchase of real estate is possible at the initial stages of the construction of buildings. Thus, the parties sign an agreement to purchase an apartment that has not yet been built. And the transaction is carried out on the blockchain, in which information confirms the transaction.
“We are building an entire set of Secure Commercial Agreements for purchasing properties and rental with a blockchain-based flow that manages the escrow and unlocks the money according to milestones achieved and audited by a third-party validator,” Jur states on the official Medium blog.
At the moment, Jur offers to buy luxury apartments provided by HKCY Hotels Ltd, Company. The cost of the simplest apartments which are located in Limassol, Cyprus is about 120,000,000 VET or 700,000 Euros. As you can see, the price when paying VET is lower than in Euros. This is due to the fact that buyers of apartments, using VeChain token, receive a discount of 5% of the cost.
In addition, Jur will play an important role in developing the full legal vertical infrastructure for VeChain. Buying is possible both by residents of Cyprus and by foreign buyers.
VeChain (VET) Price
VeChain is a very interesting project and has already entered into many partnerships, the coin witnessing uptrend at press time. During the day, VET token was able to grow by 6%. The token follows the general trend in the ecosystem and it is not surprising if its value rises at least X2 the next couple of months.
You must be aware of the risks associated with the cryptocurrency market. The cryptocurrency market behaved unpredictably in the past, so hardly can anyone predict its behavior in the future.
There are many common factors, such as upcoming regulatory standards, new technologies, etc, which may have an impact on the course or even the overall future of the project.