First villas paid in cryptocurrency in Portugal


Two luxury properties sold on Madeira Island, Portugal were paid for in Cardano, a cryptocurrency, for the first time in Portugal.

The sale of the two properties, still under construction, by Prometheus International for a total value of 4.1 million euros, is the first acquisition of a luxury property in Portugal with the Cardano cryptocurrency.

Priyesh Patel, CEO of Prometheus, said: “We were the first in Europe to accept payment in cryptocurrency on real estate and we are very happy to be ahead of the revolutionary scenario we are facing. We are eager to educate more people on this subject. Anything is possible as long as you obey the laws.

As the law has not yet regulated cryptocurrency payments, all ownership transfer payments must include the amount in euros that the buyer and seller agree to negotiate.

In this case, “When we get the money from our side, what we do is: we have foreign exchange accounts, major currencies, large trades in the company account, so the money comes in. on the account of the company then we withdraw the money in euros. and the money gets to the Millennium BCP bank, then we have to have proof why so much money is coming in, the sales agreement, the customer details, the background, and if everyone is happy and if the customer is genuine and all is well, then the transaction is closed. Everything is done as it should. The only difference is that you are paying in cryptocurrency, what matters is the value of the house and then the money received for the value you chose to sell the property for.

From a business point of view, it is important to get into this type of payment, because “at the moment cryptocurrency is a big market in which people have enormous purchasing power, but they don’t know not how to spend it in the traditional market. like real estate. So we thought it would be great to give them access to traditional products, ”said the CEO.

According to the Madeira-based company, they have developed new protocols that allow the integration of this new market area into their internal KYC (“Know Your Customer”) requirements to complete a transaction in euros before registration and thus make it. compatible with European standards. legislation.

According to them: “The property is also available as an NFT (Non-Fungible Token), allowing future owners to resell the property with one click, thanks to blockchain technology.

During this first purchase, payment was made to Cardanos. However, Prometheus is open to accepting any currency, aligned with the customer’s lifestyle, such as bitcoin or traditional currency.

The CEO believes cryptocurrency is the future. “This will bring new investors to Portugal. Everybody wins. In my opinion, in a few years it will be a very common thing for people to do this because cryptocurrency is even more secure and transparent than traditional currency, ”he said.

In addition, they are working on the Royal Blockhouse project, which is a ‘pioneer’ of a set of international luxury properties, fully managed on the blockchain, from smart home features, property rights, rental , fees, technology, payments and co-ownership, among others.


About Author

Leave A Reply