Malta’s capital city, Valletta has a lot of palazzo’s which are being sold by owners to be transformed as homes or boutique hotels. On CCN (Crypto Coins News), it was reported that a palazzo owner, Ian Fitzpatrick is selling his property and will only accept bitcoin.
The Palazzo is estimated to be 860 square meters which like other palazzos in Valletta it can be changed into a boutique hotel or office space. This property is worth 550 BTC.
So far, in Malta, there are no properties reported to accept cryptocurrencies as a means of payment. However, Remax Malta has started to offer similar services, however, they do not have any listings yet. If this palazzo will be sold, it will the first of its kind to be purchased in digital currencies.
Since Malta has made drastic changes in welcoming the blockchain and cryptocurrency sector many companies are encouraged to invest on the island. This property is being sold on the CryptoHomes.io platform. This Sliema-based company aims to provide more house listings on its platform. CryptoHomes.io has recently partnered with KnowMeNow, a blockchain based Know Your Customer (KYC) solution company.
Dennis Avorin, one of the founders of CryptoHomes.io, stated in an interview with CCN.
“Crypto is here to stay and we want to showcase that cryptocurrencies are not only commodities for speculators but also a means to purchase solid assets. Purchasing real estate with crypto is like purchasing real estate with fiat – the same due diligence and rules apply. We simply want to promote the use of crypto as a vehicle for solid investments and Malta is a great start with the incredibly strong real estate market that we have seen in the past few years”.