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British Property Developers Now Accepting Bitcoin Payments For Dubai Apartments

Matthew Tompkins | Sep 06, 2017 | 14:15

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British Baroness Michelle Mone and Doug Barrowman launch bitcoin-priced 2.4 million square foot real estate development in Dubai. Prices to start at 30 BTC currently equivalent to $139,755.

According to CNBC, British entrepreneurs Michelle Mone and Doug Barrowman have announced the opening of Aston Plaza and Residences in Dubai. The development will span more than 2.4 million square feet split across two 40-storey residential towers. The development will include a mall and be due for completion September 2019.

It is not the first residential property to sell for Bitcoin, however, there is substance in the developers’ claim that it will be the “first major development” to be priced in Bitcoin.

Baroness Michelle Mone explained:

Previously there’s been an apartment here and there’s been a house here and there, but never a £250 million development, so it’s really exciting to be involved in.

From Lingerie to Dubai Property Development

Baroness Mone founded luxury lingerie brand Ultimo in 1996 through her company MJM International. She also owns Michelle Mone Interiors, the interior design firm responsible for building the Dubai development’s main walkways and reception areas.

In addressing Bitcoins regulatory concern, Mone stakes her reputation stating that she would not be getting involved in Bitcoin if it wasn’t a trustworthy investment.

In an interview with CNBC, Mone said:

It’s the currency of the future. And I think because everything is logged and registered, everything’s transparent, that I wouldn’t be getting involved in it – especially from the House of Lords element, I’m a baroness – so I wouldn’t be getting involved in it if it was a kind of ‘dodgy’ industry.

Mone’s partner and chairman of the Knox Group of companies, Doug Barrowman, said that the pair chose Bitcoin as part of the virtual token’s emergence as a more “mainstream” means of investment.

“I’ve been invested in the crypto world for the last couple of years really, and it’s a sector I’ve watched grow and emerge,” the venture capitalist told CNBC in an interview.

BitPay To Handle Bitcoin Payment Process

Transactions will be processed by cryptocurrency payments platform BitPay, who already provide payment tools for Microsoft and billionaire Richard Branson’s Virgin Galactic.

BitPay CEO Stephen Pair announced:

We are pleased to partner with Knox group of companies in this exciting first for Bitcoin and for property payments. These property purchases can now happen in minutes from anywhere in the world with the speed of sending an email.

Bitcoin is increasingly seeing adoption in the luxury, high-end sector, why is this do you think? Let us know in the comments below.

Images courtesy of Aston Plaza & Residences, ParlaimentSpeakers.com, BitPay