London’s Richest Tenants Are Paying Rents in Bitcoin : Here’s What You Need to Know

CryptoNews.com

2024-03-11 04:37:51

Sujha Sundararajan

Last updated:

March 11, 2024 08:37 EDT | 1 min read

Source: PixabayLondon’s most affluent residents are now paying their rental in cryptocurrencies, in most sought after locations in the city.crypto pay

Knightsbridge Prime Property (KPP), a real estate company which specialises in the rental and sale of high-end luxury property in Central London, has completed a £45,000 a week rental transaction in Bitcoin.

Announced Friday, the transaction was carried out in partnership with crypto payments platform Bitcashier, it noted.

Crypto usage in real estate transactions isn’t new. Several property management giants have incorporated crypto payment option in their selling and renting of properties.

For instance, California’s real estate firm Caruso Properties, in partnership with Gemini Exchange, offered Bitcoin payment option to tenants. Additionally, Caruso has allocated roughly 1% of its treasury into bitcoin, according to the LA Times.

In line with this, KPP’s recent Bitcoin transaction for a week’s rental in Herbert Cresent has sparked significant interest among affluent crypto community.

“Our recent rental deal in Knightsbridge, valued at £45,000 per week, was seamlessly facilitated through Bitcashier, marking a new era of convenience and security in luxury real estate transactions,” says Nik Malygin, Sales Associate at KPP.

The approach also ensures traceability and countability, thus allowing buyers to follow their own due diligence, the announcement added.

Furthermore, sellers at KPP get access to a wider pool of potential buyers, specifically with crypto holdings worldwide. They can also avoid the typical hurdles associated with bank transactions, thus experiencing substantial cost savings.

UK’s Crypto Population

According to data from Finder, 11% of Brits, or approximately 5.6 million people, have invested in cryptocurrency as of 2024. However, over 70% of population say they have no intention of ever buying cryptocurrency.

A majority of crypto investors in the UK are aged between 18 and 44, the report revealed. Additionally, revenue in the UK cryptocurrencies market is projected to reach £3 billion by 2027.

That said, the country’s financial regulator – Financial Conduct Authority (FCA) – has been having a favourable outlook on these asset class. In October 2023, the regulator finally brought crypto assets into regulation, after much discussion over the preceding several months.

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