It looks like Malta continues stealing the headlines for some innovative projects in the blockchain space. With the recent offer, a colossal palazzo in the heart of Valletta was given for sale with a $3 million price tag. The mansion can only be bought in Bitcoin, with the property going on sale for 550 BTC.
The imposing building comes with $3 million price tag
This historic building, which is 860 square-meters big, is in the heart of the Mediterranean island’s vibrant capital of Valetta, which also comes with permission to be transformed into a hotel or even office space. Lately, Valetta is undergoing a complete transformation with about tens of previously abandoned mansions and palazzos which are converted into high-end boutique hotels catering to the nouveau riche that comes.
Uniquely, this imposing building also comes with a three million euro price tag, but it can only be bought in Bitcoin, giving its investors the chance to claim the title of making the first cryptocurrency property purchase on ‘Blockchain Island.’
The ubiquitous John MacAfee, the one who also confirmed his participation at the Malta Blockchain Summit which will take place in November, also tweeted about the palazzo sale in Bitcoin, saying that Maltese Mansion also goes on sale for BTC in advance of Malta conference.
Many individuals consider Malta as a place to invest their crypto wallet
According to the owner of the property, named Ian Fitzpatrick, there is a lot of high net worth individuals that are looking at Malta as a place to invest their crypto wealth. This property could actually be the first of many that come on the market in cryptocurrency.
Fitzpatrick was quoted as he stated that the Palazzo is more than four centuries old, as well as that it has the potential to be developed into a boutique hotel that becomes all the rage in the capital city of Malta.
The sale is also part of an initiative which is called CryptoHomes.io, which according to one statement on its official website, looks forward to making more real estate assets accessible through crypto trading, following the conclusion of the first crypto real estate investment in Malta.
Cryptocurrency has future in purchasing assets
CryptoHomes.io has also partnered with Cubits, which is a widely-trusted, as well as a well-established multi-currency wallet. One of the initiators of CryptoHomes.io, named Dennis Avorin, said that the move was a big step in proving that cryptocurrency has a future in purchasing assets in the same way as regular cash.
He stated that crypto is there to stay and they want to showcase that cryptocurrencies are now only commodities for speculators but also a means to buy fixed assets. Purchasing real estate with crypto is like purchasing real estate with fiat – it is the due diligence and rules apply. He said that they merely want to promote the use of crypto as a vehicle for substantial investment and Malta is a great place to start with the incredibly strong real estate market which we have seen in the past few years.
In order to deliver full ‘know-you- customer’ or KYC knowledge, as well as due diligence, CryptoHomes.io also partnered with KnowMeNow, which is a blockchain based KYC solution.
Some other real estate companies like Remax Malta, are also advertising the possibility of buying property with cryptocurrency but so far there were no listings yet. Montenegro was the first country to complete an apartment sale with Bitcoin even though this was apparently immediately converted to fiat currency once when the purchase was completed.