Technology

Crypto Used To Buy Miami Penthouse For Record $ 22.5 Million

A $ 22.5 million penthouse in Miami was purchased entirely with cryptocurrency, making it the most expensive crypto real estate purchase to date.

The 5,067 square foot all-floor, four-bedroom penthouse is located in the Surfside neighborhood of Miami. It is located on the ninth floor of Antonio Citterio’s Arte boutique condo building.

The $ 4,440.50 paid per square foot is also a record for the Miami Beach area. The deal also set a record for the fastest real estate transaction, taking less than ten days from start to finish. The buyer and the cryptocurrency used remain unknown, due to a confidentiality agreement.

Crypto payments in real estate

For the developers of Arte, Alex Sapir and Giovanni Fasciano, the sale is a realization of their belief in the inevitable entry of crypto into real estate. Although real estate purchases have been made in crypto since 2014, the developers of Arte have seen the potential of the cryptocurrency’s decentralized payment system. They imagined it would transform the way the entire real estate industry does business as a whole. The surprisingly quick closing of the sale seems to have confirmed their conviction. The deal was completed in less than two weeks after announcing that they would accept cryptocurrencies.

However, the developers of Arte are not the only ones to branch out into cryptocurrency payments in real estate. The start-up Propy, which has supported crypto transactions for years, now offers “Crypto Certified” real estate courses. Los Angeles-based Caruso also announced last month that it would accept rent payments in cryptocurrency. As one of the city’s biggest developers, this makes it the largest US real estate company to embrace digital currency. Additionally, London’s most expensive penthouse at One Hyde Park was recently listed at $ 244 million, with the option to buy it in crypto. If sold this way, it would make it the largest known crypto real estate transaction in the world.

All of these developments have important implications for cryptocurrencies. The first is validation. As more and more deals are made with the cryptocurrency, the more it will begin to be accepted. Moreover, beyond simple validation, as more and more high-profile companies engage in crypto transactions, it could move from a niche option to a truly common practice in payments.

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