Mansion goes on the market in Malta for 550 BTC and a chance to make history

Huge palazzo in the heart of Valletta worth €3m has been put up for sale by CryptoHomes as they look to oversee the very first purchase of a property in crypto on 'Blockchain Island'

Malta’s seemingly unstoppable rise as the world’s leading blockchain hub stepped up a gear today as one of the island’s many crypto-related businesses put a vast property up for sale in Bitcoin.

The 860sqm historic building in the heart of the Mediterranean island’s vibrant capital – Valletta – comes with permission to be transformed into a hotel or even office space.

Uniquely, the imposing building comes with a three million euro price tag but can only be purchased in Bitcoin, giving its investor the opportunity to claim the title of making the first cryptocurrency property purchase on ‘Blockchain Island’.

READ: John McAfee named as headline speaker for Malta Blockchain Summit

“I believe that there are a number of affluent individuals in this new business community viewing Malta as the most attractive place for investment,” says Ian A Fitzpatrick – the property’s current owner.

“The palazzo on sale, which has more than four centuries of history, can be developed into a boutique hotel or even into a cool housing project for employees.

“Investing in real estate in Valletta is certainly a smart step for anyone looking to establish himself on Blockchain Island.”

Further real estate listings

The sale is part of an initiative called which, according to a statement on its official website, seeks to make more real estate listings available through crypto following the conclusion of the first crypto real estate investment in Malta.

CryptoHomes has partnered with Cubits – a widely-trusted and well-established multi-currency wallet.

One of CryptoHomes’ initiators – Dennis Avorin – said the move was a big step in proving cryptocurrency has a future in purchasing assets in the same way as regular cash.

Crypto is here to stay and we want to showcase that cryptocurrencies are not only commodities for speculators but also a means to purchase solid assets,” he said.

“Purchasing real estate with crypto is like purchasing real estate with fiat – the same due diligence and rules apply.

“We simply want to promote the use of crypto as a vehicle for solid investments and Malta is a great start with the incredibly strong real estate market that we have seen in the past few years.

“With the launch of Blockchain Island, we are certain that this trend will strengthen even further.”

In order to deliver full ‘know your customer’ (KYC) knowledge and due diligence, CryptoHomes has also partnered with KnowMeNow – a blockchain based KYC solution.

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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