Caruso, a leading US privately owned real estate firm, has joined the crypto bandwagon through a collaboration with Gemini, a renowned cryptocurrency exchange and custodian. A press release broke this news on April 7, noting that this partnership has seen Caruso make a significant investment in Bitcoin (BTC). This move is reportedly part of the company’s treasury management plans and through it, Caruso has become the first US-based real estate company to invest in BTC.
According to the press release, Caruso also intends to show his confidence in the bright future of the cryptocurrency sector by allowing tenants of his residential and commercial properties to pay rent in BTC. Apparently, this integration is the beginning of a long-term collaboration between the two companies. With the help of Gemini, Caruso also intends to integrate non-fungible tokens (NFTs) and the blockchain into its system. In doing so, the company hopes to attract millions of visitors to accommodate its properties.
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While both Caruso and Gemini declined to disclose how much the company had invested in BTC, a report detailed that 1% of Caruso Properties’ treasury is in BTC.
Innovative technologies to improve the guest experience
Commenting on this bullish development, Rick Caruso, founder and CEO of Caruso, said that through this partnership, the company hopes to create numerous avenues to interact with visitors to its properties. Additionally, it aims to improve the overall guest experience by offering blockchain-powered rewards. Rick concluded that while Caruso believes that partnering with Gemini will offer you endless options, the company also believes that blockchain and cryptocurrencies will bring people together.
This news comes as cryptocurrencies continue to go mainstream after their stellar performance in recent months. One example is Tesla, which bought £ 1.09 billion worth of BTC in February this year. Since Tesla is Caruso’s tenant at The Americana at Brand complex in Glendale, its CEO, Elon Musk, could be the first person to pay the real estate firm’s rent in BTC.
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