Canadian Condo Project Accepting Cryptocurrency

Canadian developer Ray Junior Courtemanche, a former skilled inventory automotive racer, says “the timing was proper” to just accept cryptocurrencies for a condominium challenge close to Montreal. He would possibly wish to do some extra analysis subsequent time.

Courtemanche mentioned in a information launch final week that he teamed up with Dello, a Montreal fintech firm, to course of crypto funds for items at SKYBLÜ Condos, 30 miles north of the town. His announcement got here after the worldwide crypto market misplaced nearly $2 trillion in worth since November, costing the roles of about 1,700 crypto alternate staff in June alone.

“I used to be simply ready for a easy and efficient manner to have the ability to settle for crypto, and right now, the answer exists and it’s from Quebec!” he mentioned within the assertion punctuated by three exclamation factors. “At this level, I used to be bought on that concept,” he mentioned, including, “A number of folks would profit from crypto and blockchain expertise, together with these in actual property.”

Whereas public consciousness of cryptocurrency is rising, the market is shrinking, a downturn that’s lasted all 12 months and received even worse final month.

The value of Bitcoin, essentially the most acknowledged crypto forex, dropped 38 p.c in June to lower than $20,000, in keeping with Forbes, bringing its year-to-date loss to 60 p.c. One other forex, Ethereum dropped greater than 42 p.c final month to underneath $1,100, erasing half its worth for the reason that begin of the 12 months.

Courtemanche’s Cité Mirabel condominium challenge consists of three 15-story buildings, starting from one- to three-bedroom items. Facilities embody a swimming pool, fitness center and outside rest areas.

Crypto funds are slowly being embraced in American actual property. In January, a crypto investor paid $7 million for a condominium unit in downtown Miami. It was the second-highest cryptocurrency sale in Miami, trailing a $7.2 million one final summer season and a penthouse at Arte in Surfside that bought for $22.5 million in digital tokens in 2021.
$22.5 million penthouse