Christie’s International Real Estate, an auction house based in the UK, has introduced a new service that enables people to buy and sell homes using cryptocurrency.
According to a July 24 report by The New York Times, the decision comes after a few successful sales, including a $65 million home in Beverly Hills that was purchased with Bitcoin
Christie’s has created a dedicated team of legal experts, crypto specialists, and analysts to handle these types of deals without involving banks.
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According to CEO Aaron Kirman, it is not yet a common way to buy real estate, but interest is increasing, especially among wealthy clients who want more privacy.
He explained that some buyers still use companies or trusts to hide their identities, but when crypto is involved, it becomes even harder to trace the transaction due to the way blockchain works.
Kirman said the company has been able to protect buyer identities in past crypto deals. Currently, Christie’s is offering around $1 billion worth of homes where the sellers are open to accepting cryptocurrency. These include high-priced properties in areas like Los Angeles and Joshua Tree.
One of the sellers, Chris Hanley, is offering a house in Joshua Tree for nearly $18 million. He told The New York Times:
Accepting cryptocurrency signals an openness to innovative buyers, some of whom are crypto millionaires and billionaires looking for real-world assets to diversify.
Recently, Emirates, the Dubai-based airline, signed an agreement with the crypto exchange Crypto.com
$1.24B
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