A penthouse in Miami valued at $22.5 Million was purchased with cryptocurrency. The record sale was made in just 10 days, making it the fastest real estate transaction in cryptocurrency. It is also the most expensive real estate sale in crypto so far.
The property located in Miami’s Surfside neighborhood is a 5,067 square foot, full-floor four-bedroom penthouse. The exquisite structure is on the ninth floor of the Antonio Citterio boutique condo building Arte. The most expensive Miami residence is remarkably closed for a sale, not in USD but cryptocurrency.
Forbes reports that the edifice is the same neighborhood, precisely a floor down from Jared Kashner and Ivanka Trump. The deal is a potential record that could influence a change in the sale process to real estate. For the sake of confidentiality, the buyer and seller of the property choose to remain anonymous.
A Romance of Real Estate and Crypto
The purchase of real estate in digital assets isn’t anything new. Real estate purchases in crypto began from 2014 till the present. However, the Arte developers Alex Sapir, and Giovanni Fasciano, take the sale as a good sign of crypto entry into real estate.
In addition, the developers are optimistic that the use of cryptocurrency in the real estate market will be profitable. For years, the startup has held support for virtual currencies. They have also begun to offer “crypto certified” reality courses.
Caruso, a Los Angeles developer declared its readiness to accept rents in cryptocurrencies. It holds the record of being the largest real estate developer to embrace blockchain technology. In an optimistic stretch, London’s most expensive penthouse is listed for sale at $244 with crypto as a payment option. If sold it would be the most expensive real estate sale in crypto.
Recall that several Portuguese condos were listed for sales in cryptocurrency. Dogecoin was decided as a good virtual asset to facilitate the payments.