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
$116,359.89
.
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
$2.19B
. What did the deal cover? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
