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- Prometheus International, a real estate developer in Europe, sold two luxury residences on the Portuguese island of Madeira for a total of €4.1 million ($4.7 million), paid in the popular cryptocurrency Cardano ($ADA).
- The deal was mediated by online real estate firm La Haus after it received a reserve payment of 0.03 BTC a month ago.
- The transaction was completed via the Lightning Network, Bitcoin’s layer-two scaling mechanism, and a payment processor named OpenNode. The buyer was not in Colombia at the time of the transaction, which took place around a month after La Haus began accepting bitcoin payments.
The first real estate transaction in Colombia was recently completed using the flagship cryptocurrency bitcoin ($BTC), after a Jeff Bezos-backed Latin American real estate website sealed a contract for an apartment in Natura, in the country’s northwestern region.
Bitcoin’s Layer-Two Scaling Mechanism
The deal was mediated by online real estate firm La Haus after it received a reserve payment of 0.03 BTC a month ago, according to Valora Analitik, and it’s not the company’s first BTC sale; it sold a property for the cryptocurrency in Mexico.
The transaction was completed via the Lightning Network, Bitcoin’s layer-two scaling mechanism, and a payment processor named OpenNode. The buyer was not in Colombia at the time of the transaction, which took place around a month after La Haus began accepting bitcoin payments.
Rodrigo Sanchez-Rios, president and co-founder of La Haus, has stated that BTC will be the reserve currency of the future. La Haus, through its relationship with OpenNode, lets customers to pay with cryptocurrency while vendors are paid in fiat currency. The company wants to accept bitcoin payments for all of its projects in Colombia. The fact that the deal took less than a month speaks of the unmet demand that existed, according to Jehudi Castro, the company’s vice president of future and innovation.
La Haus is backed by Bezos Expeditions, an American investment organisation that manages Amazon.com founder Jeff Bezos’ personal investments as a family office. The firm invests in early-stage, late-stage, and seed-stage enterprises across a wide range of industries.
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Two Luxury Residences On The Portuguese Island Of Madeira For A Total Of €4.1 Million ($4.7 million), Paid In The Popular Cryptocurrency Cardano ($ADA)
It’s worth mentioning that cryptocurrency adoption in Latin America is on the rise. One of the key drivers of that growth is the real estate sector, with certain enterprises in Venezuela accepting the USDT stablecoin in exchange for automobiles and houses. In October 2021, Prometheus International, a real estate developer in Europe, sold two luxury residences on the Portuguese island of Madeira for a total of €4.1 million ($4.7 million), paid in the popular cryptocurrency Cardano ($ADA).
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
