A house in the Portuguese city of Braga was sold for Bitcoins without subsequent conversion to euros last May 5, marking a new chapter in the real estate sector.
The apartment was purchased for three Bitcoins, the equivalent of about 110,000 euros. Participants in the signing of the deed for the apartment building were representatives of real estate company Zome, law firm Antas da Cunha Ecija, the chairman of the notary’s office and other partners of Crуpto Valleу Switzerland.
Zome has said in a statement:
“This act represents a historic milestone, the transfer of a digital asset into a physical asset of a house without any conversion into euros. We believe a new world of real estate business is opening up today!”
In addition, the company is developing initiatives related to WebZ, which will soon be presented to the public.
Until last month, buying real estate for cryptocurrencies required the buyer to convert cryptocurrencies into euros first. Since then, however, the Order of Notaries of Portugal has developed clear instructions on how to execute documents for real estate transactions that are conducted solely using digital assets.