Got too much crypto and rather buy some property in a sunny location? Then Madeira in Portugal, the birth place of Ronaldo, could be an option.
It has been reported that a home worth 4 million euro is being paid with Cardano (ADA), one of many cryptos that has increased lots lately. This purchase from Prometheus International Properties marks the first time a property has been bought using ADA. The buyer and seller agreed to use ADA as payment because they wanted to support the new technology.
Madeira is an archipelago located in the Atlantic Ocean, just off Morocco. It is an autonomous region of Portugal with a population of over 250,000 people. The capital, Funchal, is built on a mountain and has a natural harbor.
Prometheus International Properties is a real estate agency that specialises in luxury properties. The company focuses mainly on selling villas, houses, and plots of land to investors from all over the world. The agency announced that it had completed the sale of an apartment in Funchal, Madeira, for €4.1. The buyer paid with Cardano (ADA) and thus became the first person to purchase a property with this cryptocurrency.
The apartment is a luxury villa that overlooks the Atlantic Ocean and is in a complex with 24-hour security. The buyer, who remained anonymous during negotiations, was impressed by how widespread Cardano’s reach has become since it launched.
Prometheus International Properties is pleased with this transaction because it confirms that there is interest in using ADA as a means of payment for luxury properties. The company has shown that there is a market, which will serve as an incentive to expand the business in terms of cryptocurrency payments.
With this purchase being made using ADA as its primary currency, it marks an important milestone for cryptocurrency – especially when you consider that real estate is one of the most popular investments in the world. The fact that Cardano was able to facilitate this transaction without any problems or delays shows its potential for future use cases.
It will be interesting to see how this news impacts the price of ADA and whether or not more people begin using it for transactions like this. In any case, it’s clear that the cryptocurrency world is continuing to grow and evolve at a rapid pace. The market for luxury property is constantly growing, and this transaction confirms that cryptocurrencies are a viable option for buyers and sellers.
Prometheus International CEO Priyesh Patel said, “This is a significant milestone for our company and the cryptocurrency world in general. We are very happy to have been able to facilitate this transaction, and we believe that it will pave the way for more real estate deals to be done using cryptocurrencies.” he said.
The use of ADA as payment for a luxury property opens up new possibilities for buyers and sellers around the world. We are very proud to be the first real estate agency to accept cryptocurrency payments, and we look forward to.
Its good to understand that the organization has grown new conventions that permit the coordination of this new market region into its interior KYC (“Know Your Customer”) prerequisites to finish the exchange in euros before enlistment and subsequently make it consistent with European laws. KYC is a process mandated by financial regulators to help prevent money laundering, terrorist financing, and other illicit activities.
At Prometheus International Properties, we take our responsibility to protect our clients very seriously. This is why we require all of our buyers to complete KYC as part of the purchasing process.” the CEO said. However, Prometheus is available to acknowledge any cash adjusted to the customer’s way of life, for example, bitcoin or customary money. It’s not limited to payment made in Cardano’s as the first purchase.
This helps us ensure that only legitimate buyers are able to purchase property through our agency. We look forward to expanding our business in terms of cryptocurrency payments and continue serving our clients with the best possible service.
Prometheus International Properties are also dealing with the Royal Blockhouse project, a pioneer of worldwide extravagance properties, completely oversaw on the blockchain, from savvy home elements, property freedoms, rental, technology, installments, and townhouse, among others.
The use of cryptocurrency for transactions is growing rapidly, and this is just the beginning. Prometheus International Properties has been at the forefront of this trend, and we are excited to see what the future holds.