Caruso properties is set to become the first U.S.-based privately-held real estate firm to accept cryptocurrencies such as bitcoin as rent payment at both residential and retail properties, subject to applicable laws.
Caruso has inked a partnership deal with crypto-exchange and custodian Gemini to revolutionize the real estate industry.
Caruso has already made a significant initial investment in bitcoin as part of its treasury management strategy to make them the first to adopt the technology in the real estate industry.
Through the partnership with Gemini, Caruso intends to bring cryptocurrency, non-fungible tokens (NFTs), and blockchain applications to Caruso properties as a way to engage the millions of visitors throughout their ecosystem.
“We envision a myriad of opportunities where we can better engage our guests and enhance their experience on our properties like introducing blockchain enabled rewards and enabling cryptocurrency payments,” said Rick Caruso, Founder and CEO of Caruso.
Los Angeles-based Caruso owns and operates a diverse portfolio of retail, residential and mixed-use properties known for their architecture, unparalleled quest experiences, and dedication to their local communities.
Caruso’s properties continue to outperform the industry standards for occupancy rates and average sales per square foot. Caruso’s portfolio and shopping and dining destinations include The Grove and The Americana at Brand, luxury residential building 8500 and The Masonic Temple, a restored 1929 Art Deco landmark converted into innovative Class-A office space.
A Tesla Motor dealership is housed in one of the properties owned by Caruso, the Americana, at Brand center in Glendale, California. It is to be seen if Tesla CEO Elon Musk, who changed his title to Technoking of Tesla, will pay the rent in bitcoin. He had invested an aggregate of $1.5 billion in Bitcoin in February.
Source: Read Full Article