Major New York real estate firm to sell $29 million worth of properties for bitcoin
New York City's Magnum Real Estate Group is selling some of its prime estate properties worth $29 million for bitcoin and opened up the sale to buyers from all over, including Hong Kong and China.
The move is a first for commercial real estate in the US.
The properties, if sold, would be the most valuable real estate ever purchased using bitcoin.
Payments processor Bitpay will charge a one percent transaction fee for the sale, which would be paid in the equivalent bitcoin amount.
Magnum, a major real estate company in New York City, noted that since the properties they were selling were already generating income, buyers would see immediate cash flow.
Ben Shaoul, the Managing Partner at Magnum, emphasized that they are a pioneer in bitcoin transactions and anticipate many more deals to be done using blockchain.