Coinify, one of the leading European digital currency platform, has announced that it has processed the first real estate purchase in Denmark using bitcoin.

“A 117 bitcoin transaction worth 290,000DKK (approx. 50,000USD) was recently processed by Coinify merchant services to facilitate the purchase of a property in the town of Mørkøv in the north-west part of Zealand”, the company said.

According to the press release, the buyer had requested the Just-Sold group real estate agency to sign up for a Coinify merchant account to be able to accept the payment in bitcoin. The buyer, now the new house owner, is said to be an early bitcoin adopter, who has acquired the bitcoins throughout an extensive period of bitcoin mining.

“We are very satisfied being the first real estate company in the Nordics using a blockchain currency in a real estate purchase. As an innovative company it is only natural for us being open to new technology and taking innovative steps – also within payment methods. It is a part of our business DNA”, said Just-Sold CEO Jesper Jørgensen.

Coinify said that a request from an individual to support the processing of a real estate property purchase was a “great opportunity” for it to demonstrate a use case for the digital currency. In addition to processing the payment, the Coinify team also assisted with compliance aspects of the transaction.

Real estate agencies as well as authorities find it difficult to verify or disprove the source of funds. Contrary to the popular belief, Coinify says that Bitcoin transactions are very transparent and several compliance businesses using the blockchain technology exist.

“Since banks operate with closed ledgers a great amount of resources are required for obtaining the information in midst of the bureaucracy and customer privacy. In comparison, Bitcoin as a payment system uses open public ledgers that are transparent and easily accessible for everyone”, said Joosep Vahtras, Compliance Officer at Coinify. “We use Chainalysis. Their product allows us to track the prospective buyer’s previous wallets and transactions in a matter of few clicks”.

In January, Coinify entered into a partnership with Bitcoin Vietnam Co. Ltd., the first bitcoin exchange in Vietnam, to bring advanced blockchain merchant processing tools to the Vietnamese market.