Two luxury apartments in Portugal were bought with ADA for $ 4.7 million

Luxury real estate developer Prometheus International has sold two luxury properties on Madeira Island and paid a total of 4.1 million euros (4.7 million US dollars) in Cardano (ADA).

Madeira is an autonomous region of Portugal made up of four islands about 430 miles off the northwest coast of Africa. It is known for its mild climate and exotic vegetation, which makes it a tourist hotspot for beach and nature lovers.

Prometheus CEO Priyesh Patel said the company had decided to accept cryptocurrencies in order to appeal to a wider audience.

“We are attractively positioned for all markets and the current revolution is crypto.”

As cryptocurrencies become more popular, buying houses with crypto is becoming increasingly popular. This brings good news for early investors who will benefit greatly as the effects of wider adoption builds.

Cardano is used to pay for luxury real estate

The first two luxury properties in the area were sold to Cardano. Portuguese media company Sapo commented that the deal is also the country’s largest crypto sale to date.

“This is the most expensive luxury home purchase in Portugal since the blockchain revolution.”

Sapo revealed that anonymous buyers paid in ADA when it was $ 0.06. This could happen around September 2018, but it could also happen many other times since the price fell to these levels. After holding that ADA throughout the bear market, he sold ADA this August for $ 3, an investment that rose 4,900%.

Patel said that as an early investor, he still holds ADA and plans to buy more until ADA hits $ 5.

Real estate is an untapped market for cryptocurrencies. Adam Redolfi, managing partner of real estate company Barnes International, said today that more property owners are starting to accept payments in cryptocurrency.

Additionally, Redolfi predicts greater integration between cryptocurrencies and real estate and in ways other than payments in the future.

“I predict that blockchain-integrated real estate will be taken to a whole new level beyond digital payments.”

In particular, he addresses the role of simplifying data transfer and minimizing inefficiencies at every stage of the sales process.

Smart contracts also play a certain role. By replacing paper contracts, smart contracts can secure information and automate transactions without the need to involve third parties. Redolfi says that this level of integration is still a while away, but we are already on the right track.

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