Cryptocurrency has progressed from an obscure fad to widespread acceptance. The fact that backs up the statement is: A house in Braga, Portugal was sold exclusively on the basis of Bitcoin, without conversion into Euros. This deal marks the first-ever crypto-only direct real-estate sale.
As reported by a local news agency, the T3 apartment in Portugal was acquired for three Bitcoins, which is equivalent to approximately 110 thousand euros or 116 thousand dollars, at current prices.
The parties involved in the signing of the deed for the apartment include representatives from the real estate business Zome, the legal firm Antas da Cunha Ecija, the Chairman of Notaries, and other partners from the Crypto Valley Switzerland.
Zome stated that the deed represents a historic milestone, the transfer of a digital asset to a physical asset – a house – with no conversion to euro taking place. The real estate company further said, “We believe a new world of possible business in real estate opens today!”
Carlos Santos, Zome’s chief technology officer, believes that the deal would provide the company with new opportunities. According to the lawyer of Antas da Cunha Ecija, the deal has the potential to be a great opportunity for value creation and growth.
Zome also announced that the firm is on the frontlines when it comes to Web3 technology and crypto adoption.
Until last month, buying real estate with cryptocurrency necessitated the buyer to first convert their crypto holdings into euros. However, Portugal’s Order of Notaries has created explicit guidelines for the formation of deeds for real estate transactions that are conducted via virtual assets.
On the other hand, UAE’s real estate Giant Damac will start accepting cryptos Bitcoin and Ethereum as modes of payment for real estate. General manager at Damac Ali Sajwani said that the Dubai-based company has embraced crypto as part of its digital transformation effort.