World’s Largest Bitcoin-Priced Real Estate Project Put on Hold

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British entrepreneur Michelle Mone grabbed the headlines in late 2017 when she announced the world’s largest Bitcoin-priced real estate project. Worth £250 million ($323 million) Aston Plaza in the heart of Dubai spans more than 2.4 million square feet. The development contains 150 apartments, all of which one could purchase in BTC. However, the daring dream has hit a snag according to a new report.

The report by U.K publication The Times revealed that construction of the venture had stopped. Citing government inspectors who visited the site last year, the report didn’t reveal the reasons for the snag.

Mone and her billionaire partner Douglas Barrowman had touted the development as the first of its kind in the world. In an interview with CNBC, Mone stated:

And this is the first major global development where you can purchase in bitcoin. Previously there’s been an apartment here and there’s been a house here and there, but never a £250 million development, so it’s really exciting to be involved in.

According to its official website, the development is a 33-floor residential tower. 25 percent of the property is supposedly complete, with 400 apartments already having been purchased.

Mone and Barrowman partnered with BitPay to enable the BTC payments. BitPay’s CEO, Stephen Pair expressed his excitement at the partnership, saying that it would set a new precedent for both Bitcoin and the real estate industries.

Pushing Crypto Adoption

Barrowman said in an interview last year that they chose Bitcoin after it had emerged as a “more mainstream means of investment.” The British billionaire, who is the chairman of the Knox Group of companies explained:

I’ve been invested in the crypto world for the last couple of years really, and it’s a sector I’ve watched grow and emerge. So I see it coming to that stage where the early adopters are giving way to a more mainstream application of cryptocurrency, and therefore it’s a logical extension to take land and buildings and effectively offer people the opportunity to pay in cryptocurrency or bitcoin rather than just fiat currency.

At the time of its launch, cryptos were doing quite well. The two perhaps hoped they could capitalize on the new crypto millionaires. They even promised investors who purchased properties that they would receive a nine percent return on their investment if they didn’t wish to live on the property.

This isn’t Mone’s first crypto venture, having founded a crypto startup previously. The startup, known as Equi Capital issued an ERC-20 token that meant to make investing more accessible. According to The Next Web, Apple’s co-founder Steve Wozniak was working with the startup directly.

The firm planned to issue an ICO, but it failed shortly after a pre-sale. It had raised an initial $7 million in a private token sale. However, after canceling the ICO, it refunded all its investors. It launched a bounty program shortly after, but this failed as well.

 

Image(s): Shutterstock.com

The post World’s Largest Bitcoin-Priced Real Estate Project Put on Hold appeared first on NullTX.



April 29, 2019 at 08:26PM

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