Malta has been a hot spot in Europe for cryptocurrency industry by showing big steps to become a leader with blockchain. A mansion in Valletta was recently sold in $3 million, 550 BTC.
The 860 square meter historic building located in the middle of the Mediterranean island’s leaping up place Valletta gives out the permission to be reconstructed into a hotel or even office building. In fact, Valletta has been working on the project to revive numerous obsolete mansions and palazzos into luxurious accomodations for the upcoming nouveau riche.
The eye-catching thing here is that the transaction has done with Bitcoin, offering investors the chance to own the first cryptocurrency property purchase on ‘Blockchain Island.’
The world widely well known John MacAfee also tweeted about the palazzo sale in Bitcoin. He is named to attend the Malta Blockchain Summit in upcoming November as well.
Ian Fitzpatrick, the owner of the property, stated that Malta is a blue ocean for individual investors for crypto investment. This project is the first of many coming on the crypto market. As mansions are minimum four centuries old, they bring high values to the Malta’s capital city.
The sale has done by CryptoHomes.io, the official website where people can invest crypto for real estate in Malta. CryptoHomes has partnered with Cubits, a prestigious multi-currency wallet. One of CryptoHomes’ initiators, Dennis Avorin, said, “The future, paying in digital asset, movement has become the reality. Buying a real estate with crypto is like buying it with fiat – same regulations and attention are involved. We wish to proceed the use of crypto as a means of transaction and Malta has been a great place for investment. The results are successful so far.”
CryptoHomes has also partnered with KnowMeNow to make “know your customer(KYC) and due diligence into practice. Other real estate agencies like Remax Malta has shown the interest to make sales with cryptocurrency even they have no listings yet. Montenegro was the first country to finish apartment sale with Bitcoin although the sale turned into fiat currency right after the purchase was completed.
Author: Jieun Lee