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PrivatBank To Organize Blockchain Auction For 5.6 Million Hryvnias

15:29 05/02/2019
Ukrainian PrivatBank To Conduct Real Estate Auction On Blockchain

PrivatBank, the leading Ukrainian banking institution, will use blockchain technology to conduct an auction related to the rental of real estate in the city of Dnepr, Gromadske reports.


The blockchain auction will be held using the well-established system of electronic trading of sequestered property (SETAM). The total rent of all premises is over 5.6 million hryvnias (about $205,000). Tenants will be able to use the property from one to three years.


The cooperation with SETAM has already brought PrivatBank an extra 30 million hryvnia (about $1.1 million) from the sale of 54 lots in the capital of Ukraine and the city of Dnepr, Viktor Vishnev, manager of the electronic trading system, stated. He expressed confidence that after the new auction, where the lots related to rent are presented for the first time, all the real estate will find its buyers.


In September 2018, the successful launch of the state platform OpenMarket, as part of a project on the use of distributed ledger technology in the SETAM system, was announced during the Blockchain and Bitcoin Conference Kyiv. The platform was created to sell the rights to lease land owned by the state.


The issue of cryptocurrency and blockchain legalization has been discussed in Ukraine for a long time at the highest government level. Earlier, Mikhail Vidyakin, the head of the National Bank's Strategy and Reform Department, expressed the opinion that a significant number of regulatory agencies, as well as legal uncertainty, create obstacles to the development of the crypto sphere.

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