Primalbase, the blockchain-enabled coworking company, has launched a new leasing and booking system called Primalbase Lease Market.
The system is the first blockchain-based booking system of its type to be launched and marks a major milestone in the development and delivery of blockchain projects.
Primalbase Lease Market enables its members, people who hold Primalbase tokens, to lease their tokens for a set price and time to individuals. Anyone who leases a token will then be able to use Primalbase’s shared workspaces for a period of their choosing.
The system could have a major impact on the real estate and other sectors, by creating a new way for people to lease office space. By using blockchain, Primalbase managed to deliver one of the first major blockchain projects in the property industry. It has also created a highly secure, efficient, transparent and flexible way to manage the use of its workspaces.
It removes the difficulty of administering complex membership models which can involve high costs for identification management support, membership card/access transfers, accounting, legal changes and operations costs.
Crucially, there is also no administration, deposits or notice periods for people wishing to lease a desk. They are also automatically presented with the most competitive price, which is determined by Primalbase’s members.
More than 1000 users have access to Primalbase’s workspaces in London, Amsterdam and Berlin. The price of a hot desk using Primalbase Lease Market could be as little as £1 a day. In comparison, the average price of a hot desk in London is £450 per month.*
Ralph Manheim, CEO of Primalbase, said: “We’re delighted that Primalbase Lease Market has been launched. It will benefit both our members seeking to maximise the value of their tokens and individuals looking for affordable, flexible and high-spec hot desks in the heart of some of Europe’s biggest tech communities.
“Primalbase Lease Market also marks a major milestone in the development of blockchain technology. It is a cost-effective, efficient, transparent and scalable way to lease and book office space. We’ve proven how blockchain technology can work in a real business setting and confer substantial benefits to everyone involved. This is also a great opportunity for us to showcase to the wider public a practical application of blockchain technology.”
Primalbase is also the first in Europe to enable people to buy blockchain-based tokens online to use a workspace. Unlike other co-working companies, token-holders become lifetime members and can use any Primalbase workspaces in Europe as much as they like and then, when they no longer need a space, they can sell the token on. Primalbase Lease Market now enables those same token-holders to earn an income from their token when they are not using their workspace.
To lease a token, people need to visit Primalbase’s booking site. They are then guided on how to create an “Ethereum wallet” and purchase a cryptocurrency called Ethereum. They can then select which dates and office they wish to book. An algorithm then determines the best-available and priced tokens and presents the cost in Euros. By completing the transaction, the required Ethereum is then transferred to the token-holder and Primalbase takes a 10% administration fee from the token-holder. It is hoped that this system will have the additional benefit of educating laymen on how blockchain, tokens and cryptocurrency can work in practice.
Primalbase has offices in tech centres in Amsterdam, Berlin and a new 4,000 sq ft office covering the entire 32nd floor of the CityPoint building near Moorgate Station in London. Lease Market is immediately available for its Amsterdam and Berlin offices, with London due to be added in the coming months.
*Knight Frank: How much does serviced office desk space in London cost?, December 2017