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Los Angeles-based real estate company, Caruso, has partnered with cryptocurrency exchange Gemini to accept Bitcoin from its tenants as rent payments at its residential and commercial properties. The real-estate company is also planning on using blockchain technology to support the rewards programs.
Caruso Enters into Partnership with Gemini
Billionaire Rick Caruso’s real estate company has entered into a partnership with Gemini, the cryptocurrency exchange and custodian led by CEO Tyler Winklevoss.
Appearing on CNBC’s Power Lunch, alongside Gemini’s Tyler Winklevoss, Rick Caruso further revealed that his real estate firm has allocated a percentage of its treasury into bitcoin, saying:
“We believe that cryptocurrency is here to stay. We believe that bitcoin is a right investment for us.”
Caruso’s properties include outdoor malls The Grove in Los Angeles and The Americana at Brand in Glendale, California. The Americana also has luxury apartments.
Interestingly, Caruso owns the property that houses the Tesla dealership at the Americana, at Brand center in Glendale, California.
One of his first tenants to pay in bitcoin might be Elon Musk, the CEO of Tesla Inc., a bitcoin proponent himself.
“I haven’t talked to Elon about it. He may be the first, as a pioneer, to pay his rent in bitcoin.” says Caruso.
Caruso Planning for Blockchain-Powered Rewards
Apart from allowing its customers to pay rent with Bitcoin, Caruso is also planning to introduce blockchain-powered rewards:
“Our loyalty program, what I envision in working with Gemini and the Winklevosses, is you will earn coin. You will earn a cryptocurrency. You can use that cryptocurrency on the blockchain then to spend at our properties. Check into our resort. When you live with us, pay your rent. We create this whole ecosystem.”
CEO and co-founder of Gemini, Tyler Winklevoss said that his firm was thrilled to see cryptocurrency usage extend to the real estate market, adding that it would benefit both Caruso and its customers.