California Real Estate Company Caruso steps into the cryptocurrency world. According to Wednesday’s announcement, the company will now accept bitcoin as payment on all its real estate and residential properties. It is a significant initial investment in bitcoin, and it makes Caruso the first to adopt this technology in the real estate industry.
Besides, Caruso has allocated approximately 1% of its treasury into bitcoin.
Caruso’s properties include outdoor malls, The Grove in Los Angeles, The Americana at Brand in Glendale, California. Americana has luxury apartments as well.
Earlier this year, Tesla also started to accept bitcoin as payment for its electric vehicles. Jack Dorsey’s Square has also purchased Bitcoin for its corporate treasury.
There’s also been some other movement from Wall Street firms. Morgan Stanley was the first big U.S. bank that provides Bitcoin funds for its wealth management clients. The private wealth management group at Goldman Sachs is likely to offer its clients investment vehicles for bitcoin and other digital assets soon too.
Caruso’s crypto ambitions might not end at bitcoin. As the company shared with CoinDesk, they are also interested in other aspects of the crypto economy market, like NFT (Non-Fungible Token).
Caruso starts a partnership with Gemini Exchange
Gemini is a cryptocurrency exchange and custodian. It allows customers to buy, sell, and store more than 30 cryptocurrencies like bitcoin, litecoin, and Zcash. Gemini is a trusted New York company that is subject to capital reserve requirements, cybersecurity requirements, and banking compliance standards
In a partnership with Gemini Exchange, Caruso’s retail and commercial property owners can now pay the rent in Bitcoin and feel safe for their funds. It makes Caruso the biggest real estate company in The U.S. to accept the digital asset as a payment method.
Caruso’s moves outline bitcoin’s latest institutional adoption, which could help the world’s most enormous cryptocurrency soar in price in recent months. On Wednesday, Bitcoin was trading below $56.000, while in early October, it was around $11.000, according to Coinbase.
Some critics of bitcoin question its current price and its efficiency as a method of transaction. However, many giant companies are gradually switching to cryptocurrency payment systems. This will most likely lead the next few decades 21st centuries.