A developer’s decision to accept cryptocurrency as payment appears to have paid off, as a Miami-area penthouse just went for $22.5 million in digital tokens.
The deal came weeks after Alex Sapir’s Arte by Antonio Citterio, in Surfside, began accepting cryptocurrency through a partnership with blockchain and securities trading platform SolidBlock. It is the largest known cryptocurrency real estate purchase ever. Forbes first reported the transaction, which was announced in an overlooked press release May 27.
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Encompassing the entire ninth floor of the 12-story condominium, the lower penthouse unit is 5,067 square feet and offers a 360-degree view of Miami’s ocean, shoreline and cityscape. The home features four bedrooms, four bathrooms, a powder room, a wine tasting bar, walk-in closets and a 2,960-square-foot wraparound terrace.
“Cryptocurrency is the future of wealth, and we believe this is only the beginning,” co-developer Giovanni Fasciano said in a statement. “Arte has set the precedent for what these sales can look like, and how fast they can take place. We’re proud to have laid the groundwork for this new, burgeoning world.”
The developers did not reveal the buyer or what kind of cryptocurrency was used.
It’s not the first record-breaking sale for Arte. Another penthouse in the building went for $33 million, or $4,300 per square foot, by far the most ever paid per foot in Surfside.
Cryptocurrency is making inroads in real estate. WeWork announced in April that it will begin accepting Bitcoin for membership fees. Real estate investor Kent Swig also got into the cryptocurrency game, launching his own digital token tied to gold.