Dogecoin has often been seen as a joke coin, or an asset for TikTok speculators to gamble on, but now you can buy entire luxury apartments in Lisbon, Portugal with the currency.
— FNTX Suisse (@FNTX_Suisse) May 11, 2021
Zug-based crypto payments and OTC liquidity provider FNTX Capital Suisse has partnered with Portugal-based property developer, 355 Developments to offer condos for crypto in the capital.
The partnership will enable buyers to purchase apartments with Doge, Bitcoin, Ethereum and Cardano via FNTX’s “Real Estate Exchange”, which updates the crypto pricing of each listing in real-time. There are currently three listings on the exchange, with the cheapest — a two bedroom apartment — priced at around 1.57 million Dogecoin, worth roughly $690,000. The most expensive listing is a penthouse priced at around 5 million Dogecoin, worth roughly $2.2 million.
Yahoo Money reports that April saw an increase in U.S. sellers who are looking to accept crypto payments for real estate:
“Last month, there were 71 listings that mentioned crypto or Bitcoin in their descriptions on the real estate listing site. That’s 14.3 listings per 100,000 homes, the highest rate on record, according to the data.”
On May 7, Cointelegraph reported that Miami’s Arte Surfside luxury apartments are now accepting payment for real estate in multiple cryptocurrencies, including Bitcoin and Ethereum. The complex is home to Ivanka Trump.
Crypto at the beach club
Crypto payments are becoming more and more widespread. On May 12 Montreal’s biggest outdoor venue “Beach Club” announced that patrons will be able to purchase alcoholic beverages with crypto from 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 a method of payment.”
However the post was light on details about how the 100,000 capacity venue would actually accept crypto payments, with the owner simply saying there are “several platforms” being considered for launch in 2022.
Which suggests that part of the reason businesses are keen to accept crypto for payments has as much to do with getting free publicity, as it doe the future of the digital economy.