Last week, the first Bitcoin real estate transaction was completed in Colombia. One property in Santa Marta was sold to a buyer who was not in Colombia at the time of the purchase. While Colombia is only now considering bitcoin for real estate payments, neighboring countries such as Venezuela are seeing a rise in the use of cryptocurrency for such transactions.
First Crypto Real Estate Purchase
Colombia’s real estate sector has reached a watershed moment in cryptocurrency adoption, having made its first bitcoin purchase. After receiving a 0.03 BTC reserve payment a month ago, La Haus, an online real estate company, mediated this purchase. The transaction was completed using Lightning Network through Opennode, a payment processor because the buyer was not in Colombia at the time.
The purchase comes less than a month after the company announced it would accept bitcoin for reservations and payments for each of the 160 apartments in Natura City, a Santa Marta development with 160 units available for sale.
Payments in Cryptocurrency for Real Estate
La Haus executives stated that they are working on expanding and using these funds for projects all over the country. In response, La Haus’ vice president of future and innovation, Jehudi Castro, stated:
This transaction took only a month to complete in Colombia, demonstrating the unmet need. As a result, we’re expanding this type of option to the rest of the country so that payment methods and investment options aren’t a barrier to purchasing a home.
However, this is not the first time La Haus has made a cryptocurrency-based purchase. The company, which also has operations in Mexico, made its first crypto purchase in January when a woman from Peru purchased a property in Mexico.
In Latam countries like Venezuela, where cars and properties are sold for USDT, cryptocurrency purchases in the real estate sector are becoming increasingly common. One of these transactions took place last year in a coastal state, where a buyer used USDT to purchase an apartment for $12,000.
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