A massive LA-based luxury real estate company has started accepting Bitcoin for rental payments.
In addition to topping up BTC for its corporate reserves, the company has also used the popular Gemini exchange to help build a cryptocentric ecosystem for its retail, residential, and resort customers.
Rick Caruso and Caruso Real Estate Tap Gemini For Crypto
American real estate company Caruso, led by billionaire Rick Caruso, announced this week that the company would accept Bitcoin for rent payments for both retail and residential properties.
The Los Angeles-based company offers stunning luxury real estate in the area including the Miramar Beach Resort, Palisades Village, Waterside in Marina Del Rey, The Commons in Calabasas and many more.
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Through a partnership with Winklevoss-owned Gemini, Caruso plans to further integrate consumer cryptocurrencies into their business experience.
“You can use this cryptocurrency on the blockchain to spend in our real estate. Check into our resort. When you stay with us, you pay your rent. We create this entire ecosystem, ”said Caruso.
The strategy is something Caruso plans to implement over the next decade and is part of a long-term plan. “It’s not about the next year or five years,” he said.
Caruso has also won Gemini as custodian for its “significant initial investment” in BTC as part of its “treasury management strategy”. This makes the company the first in the real estate industry.
The full integration of crypto into the customer experience strengthens “the company’s belief in the robust future of cryptocurrency”.
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The corporate and bitcoin boom is only now beginning
Caruso joins the growing list of companies that have added BTC to their corporate treasury reserves, and more are to come.
A seminar led by Michael Saylor, CEO of MicroStrategy, should bring more businesses to the room by sharing his playbook.
Saylor’s leadership also inspired the likes of Jack Dorsey’s Square Inc. and Elon Musk’s Tesla to buy BTC. Dorsey is also offering Bitcoin to its customers through its Cash app, and Tesla has added the ability to pay with the best cryptocurrency to buy its eco-friendly vehicles.
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Companies that have done this have generated substantial profits for their innovative stance. The mentions of Bitcoin in corporate earnings reports have recently become parabolic alongside the asset’s price.
Bitcoin and other cryptocurrencies are just beginning to spread, and their potential application to real estate for payments and more will increase exponentially over the next decade.
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