Malta has been in the news for quite some time in regards to the blockchain industry. Recently, Malta made to headline when the huge Palazzo of Valletta came on sale with the price tag of $3 million. What made this news more interesting was the fact that this magnificent mansion can only be purchased using bitcoin.
Why is this mansion for sale?
This mansion is 860 square-meter historic building located in the heart of the Mediterranean island’s capital city of Valletta.
After getting the permission to transform the building into a hotel or an office space, this building is now set out for sale at 550 BTC. As Valletta is moving towards complete transformation with tens of previously abandoned mansions as well as palazzo into high-end boutique hotels.
The catch, however, is that these properties can only be purchased using bitcoins making it the first cryptocurrency property purchase on the “Blockchain Island”.
Fitzpatrick, the owner of this property, mentioned that there are many potential investors around the world, who are waiting for an opportunity to invest their cryptocurrency holdings into something worthwhile. This property sale brings a platform to another level of investment opportunity.
CryptoHomes.io, an initiative embracing cryptocurrency in real-estate
The sale of this historic building is an initiative called “CryptoHomes.io”. Under this initiative, the authorities are also planning to make more real estate listings available through cryptocurrencies after this transaction succeeds.
This is not it, in fact, other real estate companies like Remax Malta is also advertising the possibility of them to buy the properties via cryptocurrency transactions. Although there has been no actual transaction yet, still there is a high probability of them stepping up. Montenegro was the first country that sold an apartment with bitcoin and it seems Malta is going to be next in the line.
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