Malta often features innovative projects related to blockchain so it should be no surprise to see this recent deal, a quite huge palazzo that is available for purchase for $3 million but ONLY if the payment is done in Bitcoin. The sale price listed is 550 BTC.
The Palazzo covers 850 square meters, being a historic building in the middle of Valletta. If you decide to buy it, you also get permission to turn it into office space or a hotel. The news came as Valletta is now going through a transformation. Many abandoned palazzos and mansions are being transformed into boutique hotels that are upcoming for the richer people.
The person or business that will buy the property is going to also get a place in history as this will be the first ever real estate cryptocurrency purchase in Malta.
The current owner of the property is Ian Fitzpatrick. He declared that there are many high net-worth people that are now looking for opportunities for investments in Malta, especially when looking at those that have crypto wealth. The property can easily become the very first of many that will appear on the market with a cryptocurrency listing.
What is particularly interesting is that this sale is a part of a unique initiative, CryptoHomes.io. This initiative tries to get real estate listings that are available through crypto payments. However, in order to do this, the first purchase has to happen. In order to achieve this, a partnership was signed with Cubits, a respected multi-currency wallet.
Dennis Avorin, a CryptoHomes initiator, declared:
Crypto is here to stay and we want to showcasethat cryptocurrencies are not only commodities for speculators but also a means to purchase solid assets. Purchasing real estate with crypto is like purchasing real estate with fiat – the same due diligence and rules apply. We simply want to promote the use of crypto as a vehicle for solid investments and Malta is a great start with the incredibly strong real estate market that we have seen in the past few years.
CryptoHomes also partnered with KnowMeNow with the purpose of offering KYC knowledge.
If you are interested in knowing, Montenegro was the very first country where a real estate sale was finalized with the use of Bitcoin. However, as soon as the transaction happened, the Bitcoin was converted to fiat currency. Maybe this does not happen in Malta, creating a huge first in the industry.