Throughout the course of 2021, DogeCoin (DOGE) went from a little-known ‘joke’ cryptocurrency to one of the world’s most popular cryptocoins, creating a number of ‘DogeCoin millionaires’ in the process.
Elon Musk, who is famously a fan of DogeCoin, is currently holding a Twitter poll asking whether or not Tesla should accept DOGE as payment. In the past, DOGE’s direct purchasing power was somewhat limited. However, today DogeCoin holders can use their coins to buy something new: a luxury condo.
Do you want Tesla to accept Doge?
— Elon Musk (@elonmusk) May 11, 2021
FNTX Capital Suisse, a Zug-based crypto payments specialist and OTC liquidity provider, has partnered with Portuguese property developer, 355 Developments for a new real estate initiative led by David Rabbi, the project’s Co-Founder. Mr Rabbi and FNTX Co-Founder Israel Bitton have leveraged a network of fiat-friendly banking and settlement services in several jurisdictions in FNTX’s mission to assist business merchants and institutional clients in accepting crypto payments and cross-border transaction settlements.
Through the partnership, crypto holders will have the opportunity to purchase luxury homes in Lisbon directly with their digital assets, including DogeCoin and many other cryptocurrencies.
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Purchases can be executed via FNTX’s ‘Real Estate Exchange’ platform. Through the platform, FNTX Suisse facilitates real-estate ownership and exchange via crypto transactions. The platform is updated in real-time with cryptocurrency pricing for each listed property.
“The company’s custody, escrow, stablecoins, crypto exchange, fiat settlements and AML/KYC solutions will streamline real estate operations and expand investment options for developers and investors,” an official announcement stated.
Streamlining the Process of Purchasing Real Estate with Crypto
The initiative could mark an important moment for the purchasing power of cryptocurrencies. Historically, making large purchases with cryptocurrencies has been a nightmare of large-scale conversion to fiat, taxes and bureaucracy.
Granting crypto holders with the ability to directly purchase real estate with their crypto could change that.
“What ultimately takes place now will say a lot about the future of both the property business, the world’s largest asset class and blockchain industry,” said David Rabbi. Mr Rabbi, who is also an attorney, brings his leadership experience in real-estate markets in Portugal to FNTX’s initiative.
Despite Their Popularity, Cryptocurrencies Are Still Volatile–Real Estate May Be a Safer Option
In addition to DogeCoin, the launch of FNTX’s real estate initiative closely follows the astronomical rise of Bitcoin and a number of other cryptocurrencies.
However, as popular as cryptocurrencies have become, their volatility may still cause some investors to pause. For example, “DOGE went up over 400% last month while BTC plunged 10%,” an official announcement said. Therefore, “some crypto investors may choose to diversify into real estate.”
FNTX believes that its collaboration with 355 Developments and other “top tier residential projects” will “complete the business circle that refines the way people market, search for, buy, sell and invest in properties.”