Dogecoin has often been viewed as a joke coin or an asset for TikTok speculators, but now you can buy entire luxury apartments in Lisbon, Portugal using the currency.
– FNTX Suisse (@FNTX_Suisse) May 11, 2021
Zug-based crypto payment and OTC liquidity provider FNTX Capital Suisse has teamed up with Portugal-based real estate developer 355 Developments to offer condominiums for crypto in the capital.
The partnership enables buyers to purchase apartments with Doge, Bitcoin, Ethereum and Cardano through FNTX’s “Real Estate Exchange” which updates crypto prices for each listing in real time. There are currently three listings on the exchange, the cheapest of which – a two-bedroom apartment – is priced at around 1.57 million Dogecoin, valued at around $ 690,000. The most expensive listing is a penthouse priced at around 5 million Dogecoin worth around 2.2 million US dollars.
An upward trend
Yahoo Money reports that April saw an increase in US sellers willing to accept crypto payments for real estate:
“Last month there were 71 listings that mentioned crypto or bitcoin in their descriptions on the property listing page. That’s 14.3 entries per 100,000 households, the highest rate ever recorded, according to the data. “
On May 7, Cointelegraph reported that Miami’s luxury Arte Surfside apartments are now accepting payments for properties in multiple cryptocurrencies, including Bitcoin and Ethereum. The complex is the home of Ivanka Trump.
Crypto in the beach club
Crypto payments are becoming more and more widespread. On May 12, Montreal’s largest outdoor venue, the Beach Club, announced that customers will be able to purchase alcoholic beverages with crypto starting next year. Beach Club owner Olivier Primeau said in a social media post:
“Beachclub will officially be the first club in Canada to accept Bitcoin and Ethereum as payment methods.”
However, the post gave few details on how the 100,000-capacity venue would actually accept crypto payments. The owner merely said that “multiple platforms” are being considered for launch in 2022.
This suggests that part of the reason companies want to accept crypto for payments has to do with free advertising as well as the future of the digital economy.