Want to know how you can buy a luxury property in Portugal with cryptocurrency? Two luxury apartments in Lisbon were sold for the first time in the country, by a high-end real estate brokerage firm. The buyer paid for this first purchase with Cardano, a cryptocurrency.
The real estate agency Prometheus is open to accepting any currency aligned with the client’s lifestyle, whether it be bitcoin or traditional currency.
The sale of the two properties by Prometheus International for a total of €4.1 million represents the first time the cryptocurrency Cardano has been used for the acquisition of luxury properties in Portugal.
CEO Pryesh Patel of Prometheus said his company was the first to accept cryptocurrency for payment of real estate in Europe and they are thrilled to foresee this game-changing scenario. They are looking forward to educating more people about this. Anything is possible as long as you comply with the law, Patel added.
Cryptocurrency payments aren’t yet regulated by law, so all property transfer payments must include the amount that the buyer and seller agree to negotiate in Euros.
When we receive the money here on our side, this is what we do: we have exchange accounts, major currencies, major exchanges in the company’s accounts, Patel explained.
As soon as the money is in the account of the company, they withdraw it in Euros and send it to Millennium BCP bank. They then need to provide proof why so much money is coming, agreement of sale, client details, background, etc.
All parties must be satisfied and if everything is in order, the transaction is closed.
Looking For A Unique Investment Opportunity With Crypto?
The only difference is that you’re paying with cryptocurrency, but what really matters is the value of the house, as well as the money you received for the value you chose for selling the house.
Getting into this type of payment is important for a business, since currently, cryptocurrency is a big market in which people are able to purchase millions of dollars worth of goods and services.
“We thought it would be great to give them access to traditional products since they don’t understand how to spend it in the traditional market, such as real estate,” said the CEO.
According to the CEO, to make it compliant with European legislation, they have created new protocols to integrate this new market area into their internal KYC requirements (“Know Your Customer”) to conduct a transaction in euros before registration.
Use Bitcoin Or Traditional Currency To Pay For Your New Home
Using blockchain technology, property ownership can also be transferred as an NFT (Non-Fungible Token), allowing future owners to sell the property with one click.
The CEO firmly believes that cryptocurrency will have a significant impact on Portugal. “This will bring new investors to the country. Everyone wins. I think that in a few years’ time this will be quite common, as cryptocurrency is far safer than traditional currencies.”
As part of their work under the Royal Blockhouse project, they are building a set of international luxury properties, fully managed using blockchain technology, including smart home features, property rights, payments, technology, and condominiums.
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