Magnum Real Estate has started accepting Bitcoin as payment for retail properties. Potential buyers anywhere in the world can now buy real estate with Bitcoin.

Magnum Real Estate Group has accepted Bitcoin as payment for the $29 million sale of three ground-level shops at a luxury residential project in Manhattan, the South China Morning Post reported. With an estimate of $29 million, the property is worth around 641 Bitcoins at current exchange rates. The stores at 385 First Avenue, known as CODA, are over 9,000 square feet and are currently leased to M&T Bank, Mighty Pita Restaurant, and ProHEALTH Urgent Care Clinic.

“We are a pioneer in Bitcoin transactions and see a path where many more transactions can be done using blockchain,” said Ben Shaoul, managing partner of New York-based Magnum. According to him, any future resale of retail space can be made in foreign currency, depending on the buyer's preferences. Magnum also sold some of the apartments above the retail space for cryptocurrency.

BitPay acts as a partner in Magnum's transactions with Bitcoin. “The beauty of crypto is that it is a global digital asset,” said Sonny Singh, chief commercial officer of BitPay. "The buyer simply scans a QR code to pay." Thanks to the service, the client makes a purchase in cryptocurrency, and BitPay verifies funds and accepts cryptocurrency on behalf of Magnum. Dollars are credited to the Magnum bank account the next business day minus a 1% fee.

James Pratt, director of James Pratt Auctions Group of Sydney, expects a jump in the number of people using cryptocurrency to sell by about 5-10 percent over the next three years, due to the fallout from the pandemic, which has forced people to explore new ways of doing business.

© 2021, Eva Fox | Tesmanian. All rights reserved.

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