Cardano ($ADA) Used to Buy Luxury Real Estate in Portugal
Real estate developer Prometheus International has sold two luxury homes on the Portuguese island of Madeira for a total of €4.1 million ($4.7 million) paid for in the popular cryptocurrency Cardano ($ADA).
According to local news outlet Sapo, this is the “most expensive luxury real estate acquisition in Portugal since the blockchain revolution,” and were the first two properties to be sold in ADA in the country.
Prometheus International’s CEO Priyesh Patel told the news outlet that the firm is looking to position itself to be attractive for every market. The buyer of both properties was an unidentified investor who bought Cardano’s ADA early on, when the cryptocurrency was trading at around $0.06 per coin.
The price of the cryptocurrency has since exploded o hit an all-time high above $3, with the investor believing it still may make it to the $5 mark.
The company has reportedly developed protocols that allow it to conduct know-your-customer checks for buyers using cryptoassets to purchase properties. The ownership of the properties is then made available via non-fungible tokens (NFTs) on the blockchain.
While the purchase was made using ADA, the company reportedly developed artificial intelligence that helps it understand when it’s time to sell the tokens for fiat currency that will then enter their bank accounts.
Prometheus International reportedly has several other projects being developed in the region with a total value above 15 million euros.
As CryptoGlobe reported Cardano, along with Solana, led altcoin investment product inflows last week, according to CoinShares, while other altcoins like Ethereum, Litecoin, and Polkadot recorded outflows. The flagship cryptocurrency saw inflows of $225 million.
Cardano’s price rise has allowed Gene Simmons, the iconic bass player of the popular rock bank Kiss, to double a $300,000 investment made in the cryptocurrency back in February.
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