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Miami Penthouse bought for a record $22.5mn using crypto - TCR

source-logo  thecoinrepublic.com 08 June 2021 16:29, UTC
  • Cryptocurrency used for the purchase of the real estate
  • Cryptocurrency will change the way business is done in real estate
  • The potential of the decentralized payment system on a much bigger scale predicted

Cryptocurrency is making inroads into the market. A recent survey in Australia revealed that people are investing in cryptocurrency so that the value does not erode to invest later in real estate. A recent purchase of a penthouse in Miami bought entirely with cryptocurrency worth $22.5 million has grabbed the headlines. It is the most expensive purchase in crypto to date.

The four-bedroom penthouse has a built-up area of 5,067 square feet located in Miami’s Surfside. It is situated on the ninth floor of the boutique condo building Arte by Antonio Citterio. The asking rate of the penthouse is $4,440.50 square feet and is one of the most expensive in the Miami area. However, what is remarkable is that the deal was concluded in just ten days from start to finish. The buyer and the cryptocurrency used to buy the penthouse are not known following a confidentiality agreement.

Crypto payments in real estate

Alex Sapir and Giovanni Fasciano from Arte developers always believed that sooner or later, cryptocurrency will enter the real estate segment. Cryptocurrency has been used for the purchase of real estate for quite some time now. However, Arte’s developers are seeing the potential of the decentralized payment system on a much bigger scale than now. Alex Sapir and Giovanni Fasciano feel that cryptocurrency will change the way business is done in real estate. The pace at which the deal was finalized lays bare the complexity of the present real estate business and how cryptocurrency can Fastrack the process.  

Arte’s developers are one more addition to the long list of entrants who are accepting cryptocurrency payments in real estate. Propy start-up has been accepting cryptocurrencies as payments for ages and offering “Crypto Certified” realty courses. Caruso, the city’s largest developer in Los Angeles, has said that it will start accepting cryptocurrencies for rent. Another notable entity embracing cryptocurrency is London’s most expensive penthouse at One Hyde Park, listed for $244 million recently. If sold, it will become the most prominent crypto real estate deal in the world.

Cryptocurrency is the currency of the future

The opening of cryptocurrencies in real estate has much broader implications. It is the validation of the theory that cryptocurrency is the future currency and will be accepted in totality in business and commerce. The acceptance of cryptocurrency by significant players in different commerce fields will ultimately help it become a truly mainstream payment practice.

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