Cryptocurrencies can now be used to buy real estate in Portugal

Cryptocurrencies Bitcoin, Dogecoin, Ethereum, and Cardano can now be used to buy luxury condos in Portugal as Swiss crypto payments processor FNTX Capital Suisse partners with Portuguese property developer 355 Developments.

The team-up means the two companies’ custody, escrow, stablecoins, crypto exchange, fiat settlements, and AML/KYC solutions will “streamline real estate operations and expand investment options for developers and investors.”

With the partnership, customers will now be able to purchase properties in Lisbon through the FNTX’s Real Estate Exchange (REX) which also tracks real-time prices of the supported cryptocurrencies.

An ambitious goal

David Rabbi, the founder of FNTX, talked more about what the partnership means. He said this would show a lot about the future of the property business, the blockchain industry, and the world’s largest asset class.

His company hopes that teaming up with 355 Developments and other top-caliber residential projects will be the key in completely refining the way “people market, search for, buy, and sell investment properties.”

Moreover, both companies have noted that cryptocurrencies are still risky and volatile, and because of this, some crypto investors may choose to diversify into real estate.

Dogecoin for cars and now for real estate

Just a few days ago, crypto Twitter was abuzz when Tesla’s Elon Musk started a poll, asking if people would want his company to accept the meme digital currency Dogecoin as payment.

While others were excited about it, some thought it was a way of damage control as the crypto did not surge and instead plunged following the billionaire’s appearance on TV comedy show Saturday Night Live.

SpaceX, another company of Musk, has also announced it will accept the digital currency as payment for a space payload delivery.

The joke cryptocurrency is currently sitting at a price of almost $0.42, according to figures by Coingecko.

 

Image courtesy of Cointelegraph News/YouTube

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