House in Portugal Sold for 3 Bitcoins Without Euro Conversion

A property in Portugal was sold for solely Bitcoin (BTC) without any conversion to euros, a Portuguese news website reported on May 5. This transaction is the first of its kind for the real estate industry, making history in the European country.

T3 apartment in Braga, Portugal was purchased for three bitcoins, which is valued at approximately 110 thousand euros. The deed of the apartment home was signed with real estate firm Zome, law firm Antas da Cunha Ecija, Chairman of Notaries, and other partners from Crypto Valley Switzerland as witnesses.

Zome broke the news through a Facebook post, stressing that the company is “on the frontlines” when it comes to Web3 technologies and crypto adoption:

"This deed represents a historic milestone, the transfer of a digital asset to a physical asset – a house – without any conversion to euros. We believe a new world of possible business in real estate opens today!"

Carlos Santos, the chief technology officer at Zome, believes that the transaction will open possibilities for the business. Nuno da Silva Vieira, an Antas da Cunha Ecija lawyer, shares the same sentiment, saying that the transaction can be a “great opportunity for growth and value creation” in Portugal.

In the latter part of the post, Zome revealed that other Web3-related projects are being developed by the company and will be unveiled “very soon.”

In other news, Italian luxury brand Gucci recently announced that some of its US stores will start accepting Bitcoin, Shiba Inu (SHIB), Ethereum (ETH), and Litecoin (LTC) as payment. The service will be launched later this May at some of the brand’s flagship stores, including their stores in Rodeo Drive, Los Angeles and Wooster Street, New York.

Source: COINQUORA