Dubai Concludes the First Ever Bitcoin Real Estate Deal in History

Real estate seems to be a new frontier in Bitcoin’s quick expanding sphere of influence in the world of business. Aston Plaza and Residences, for instance, has just sold 50 prime real estate properties in the Science Park Area of Dubai Metropolis to Bitcoin users.

Situated in the Science Park area of Dubai, the 50 apartments are located in one of the prime locations in the city. Science Park is near famous landmarks such as the Burj Khalifa, the tallest building in the world, and the Dubai International Airport.

This sale represents the first ever Bitcoin powered real estate transaction in the history of the cryptocurrency. The 50 apartments are part of over 1,300 flats situated on a 2.4 million square foot apartment complex currently being constructed by Aston Property Ventures under the aegis of the Knox group of companies.

Michelle Mone, the business mogul who owns both Michelle Mone Interiors and Ultimo, the lingerie company partnered with her billionaire boyfriend, Douglas Barrowman, to develop the project. The crypto-based real estate project was launched in September 2017, and it is reportedly worth more than $325 million. The project is expected to be completed in the summer of 2019.

Discussing the sale to Business Insider, Douglas said that it took only a short period of time for all the 50 apartments put up for sale to be taken. He went to say that they were all sold out and that some buyers even bought multiple residences.

Mone noted that many of the buyers were early Bitcoin adopters who have made a fortune from the meteoric rise of the cryptocurrency. The model also said that the project team had built a relationship with many of these buyers in the months leading up to the sale. According to reports, the apartments sold were mostly studio apartments and two bedroom apartments. Studio apartments were sold for 16 Bitcoins ($130,000) while the two bedroom apartments were sold for 47 Bitcoins ($380,000).

Despite selling the properties in Bitcoins, the couple didn’t receive proceeds from the sales in the cryptocurrency. They had reached a deal with BITSTAMP, one of the largest Bitcoin exchange platforms in the world, to swap the Bitcoins generated from the sale to US dollars. So Bitstamp converts all the Bitcoin to fiat money for the couple.

Outside of real estate, the pair seems to be deeply invested in the crypto market as they also plan to launch an Initial Coin Offering (ICO) for their Equi Platform Project. The ICO is expected to raise $75 million in sales of Equi tokens which will be used to establish the platforms.

The Equi project is an investment service that is designed to provide people with easy access to the venture capital investment market. Using their experience in the business scene, the couple are hopeful that they can offer their services to help people achieve success in their investments.

Both Mone and Barrowman are at the forefront of greater cryptocurrency adoption in the realty sector. For crypto enthusiasts, the use of Bitcoin in real estate and venture capital investments is naturally a highly welcomed development.

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