Christie’s International Real Estate, a U.S.-based luxury brokerage, is taking steps to boost cryptocurrency integration into mainstream finance. According to The New York Times, it has established a team of lawyers, analysts, and crypto experts to enable buyers and sellers to use cryptocurrencies in real estate business transactions without relying on banks or local asset managers.
Notably, it has become the first primary real estate firm in the United States to create a dedicated team for crypto payment deals.
Christie’s Enables Crypto Payments
Prior to establishing the crypto payments division, Christie’s has closed many big deals in the U.S., including a $65 million property in Beverly Hills. This transaction stands out because one of the involved parties proposed a cryptocurrency payment in place of fiat currency.
The firm leaned on its crypto side, and the trade was completed after a payment was made in bitcoin (BTC), the world’s first and largest cryptocurrency. Thus, it marked Christie’s first case of completing a deal involving crypto payment.
Speaking about the company’s pro-crypto move in an interview, Aaron Kirman, chief executive of Christie’s Los Angeles subsidiary, said,
“The trend was obvious — crypto is here to stay. It’s only going to get bigger over the next few years.”
Highlighting the importance of its new crypto division, Kirman noted that on-chain payments would allow wealthy and influential personnel to make house purchases anonymously. Since blockchain technology promotes anonymity, it’ll be a good provision for ultra-rich individuals to purchase properties without appearing in news headlines.
Real Estate Firms Invest in Crypto
With the wave of institutional crypto and bitcoin reserve adoption sweeping the market, a few real estate firms have moved to acquire BTC as a long-term store of value. This includes Mexican Grupo Murano, which has made its name for luxury hotels and commercial projects. According to a recent report, it has revealed plans to invest $1 billion in establishing a BTC reserve and wants to spend up to $10 billion on bitcoin shopping over time.
Also, U.K.-based Murano Global Investments recently purchased 21 bitcoins and entered into a Standby Equity Purchase Agreement (SEPA) with Yorkville to raise $500 million for subsequent acquisitions.
