People are increasingly turning to digital assets like cryptocurrencies to buy and sell real estate, as their popularity soars.
Bitcoin (BTC) has been used entirely as the medium of exchange for the sale of a Braga, Portugal home, according to media reports from May 5. The real estate industry will have seen a first of its kind with this transaction.
There were three Bitcoins paid for the T3 flat in Portugal, which is around 110 thousand euros. Members of the real estate company Zome, the security firm Antas da Cunha Ecija, the Chairman of Notaries, and other collaborators from Crypto Valley Switzerland were all involved in the signing of the deed for the apartment home.
In a Facebook post, Zome said that the company is “on the frontlines” of Web3 technology and cryptocurrency implementation:
There was no conversion to euros involved in this act, which is an important historical milestone. “We feel a new era of real estate business opportunities has begun today!”
Carlos Santos, Zome’s chief technology officer, believes that the transaction would open up new potential for the firm. In the words of a lawyer at Antas da Cunha Ecija, the transaction represents a “huge possibility for development and wealth creation” in Portugal, according to Nuno Vieira.
Zome is also working on more Web3-related projects that will be unveiled “very soon,” according to the end of a company blog post.
When purchasing real estate using cryptocurrencies, the buyer had to first convert their bitcoin holdings into euros before the transaction could proceed. It has been a while since the Portuguese Order of Notaries came up with standards for the creation of deeds for real estate transactions handled only via digital assets.
If the transaction was worth more than 200,000 euros, it would be essential to compare the crypto values between the time the deed was registered and the time the loan deal was signed, as well as the dates of the two papers.