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Dogecoin will now be used to purchase luxurious apartments in Portugal, with a penthouse already on the market for about 5 million DOGE, or around $2.2 million.
Dogecoin has always been viewed as a prank coin or a commodity for TikTok speculators to bet on, but the currency can now be used to purchase entire luxury apartments in Lisbon, Portugal.
— FNTX Suisse (@FNTX_Suisse) May 11, 2021
FNTX Capital Suisse, a Zug-based crypto payments and OTC liquidity provider, has collaborated with 355 Developments, a Portugal-based property developer, to sell crypto condos in the capital.
Buyers will be able to purchase apartments using Doge, Bitcoin, Ethereum, and Cardano via FNTX’s “Real Estate Exchange,” which will adjust the crypto price of each listing in real-time. There are actually three listings on the exchange, with the cheapest — a two-bedroom apartment — costing about 1.57 million Dogecoin, or $690,000. The most expensive listing is a penthouse for about 5 million Dogecoin, which is about $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, it was announced that Miami’s Arte Surfside luxury apartments are now taking cryptocurrency payments for real estate, including Bitcoin and Ethereum. Ivanka Trump lives in the complex.
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 short on information about how the 100,000-capacity venue will allow cryptocurrency payments, with the owner merely stating that “several platforms” are being considered for launch in 2022.
This means that part of the reason companies are eager to consider cryptocurrency for payment has as much to do with free advertising as it does with the future of the digital economy.