Rio de Janeiro has property paid 100% in Brazilian project cryptocurrency

The web3 company Ribus announced that it carried out the first public deed for the purchase and sale of property with payment entirely made with Ribus tokens (RIB). The document was registered at the 15th Notary Office of Rio de Janeiro. 

The company defines Ribus as a real estate utility token and a  cryptocurrency  is sold at FlowBTC, Coins and Mercado Bitcoin ( MB ) brokerages.  According to data from the latter , the unit of the asset is sold at R$ 0.19 and registers a drop of 1% in the last 24 hours.

In the press release, Ribus states that the process had “the necessary guarantees and security to formalize the purchase and sale operation and public recognition, signed in a notary”.

The CEO of Ribus, Marcelo Magalhães, classifies the event as historic. “Ribus is a pioneer in the real estate utility token model worldwide, digitizing processes and ensuring security and transparency through blockchain technology. The result is what we see now, with more negotiations within the real estate market and opportunities for everyone”, he explains.

This is not the first time that a property in Brazil has been purchased using only cryptocurrencies as payment. As reported by the newspaper  Valor Econômico , construction company Melnick entered into a partnership with brokerage MB and carried out two paid property sales in  Bitcoin (BTC) .

Token Ribus

In 2021, Ribus sent a legal thesis to the Brazilian Securities Commission ( CVM ) arguing that cryptocurrency is a utility token, therefore it would not be a security. In this way, it would not need to be subject to CVM regulation.

The Commission accepted the company's arguments, which made the company move more confidently in the market. According to an explanation by Ribus, the RIB token is a digital asset that works as a credit to be used within the Ribus ecosystem, which is made up of several platforms:

• Houseus: marketplace dedicated to architecture and decoration professionals;
• Retrofitus: a company specialized in renovations, modernization and finishing;
• Beneficius: exclusive benefit club for Ribus token holders, working as a points/miles program that offers discounts and privileged access;
• Permutus: exchange of residential and commercial properties through Ribus and Reais;
• Recibus: fintech for anticipating receivables by issuing tokens for operations;
• Braemp: developer and construction partner, operating in Espírito Santo and Rio de Janeiro, offering from low-cost developments to high-end projects.