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Crypto News: Christie’s Enters the Crypto Real Estate Game with $1B Property Portfolio
In a groundbreaking move, Christie’s International Real Estate has announced its entry into the crypto real estate market, launching a new division that will allow buyers and sellers to conduct transactions without the involvement of traditional banks. This move aligns perfectly with the regulatory developments in the US Federal Housing Finance Agency (FHFA), which recently directed Fannie Mae and Freddie Mac to explore treating cryptocurrency as a reserve asset in risk assessment for mortgages.
According to reports, Christie’s new unit is now managing an impressive portfolio worth over $1 billion, comprising luxury properties listed for sale exclusively in bitcoin. The available options include the $118 million La Fin mansion in Bel Air, the $18 million Invisible House in Joshua Tree, and a $63 million Nightingale property in Beverly Hills.
The company has also assembled a dedicated team of lawyers, analysts, and crypto experts to ensure the security of these transactions during trading. This team will conduct thorough legal checks on the origin of the assets to guarantee their legality.
Speaking about this new development, CEO Aaron Kirman emphasized that his clients prefer to avoid traditional banking systems in order to protect their identities. He believes that blockchain-based asset transactions will make it increasingly difficult for the public to trace ownership.
Christie’s entry into the crypto real estate market is a reflection of the growing trend towards digital assets worldwide. As the U.S. pushes forward with the evolution of digital assets through legislation like the GENIUS Act and the CLARITY Act, major businesses, including real estate networks, are embracing this shift.
In an interview, Kirman predicted that over one-third of US home sales will involve cryptocurrency within the next five years. Additionally, discussions are currently underway between Christie’s and major banks to enable crypto-based home financing.
This bold move by Christie’s International Real Estate has sent shockwaves across the industry, as many anticipate a significant surge in luxury property transactions conducted exclusively in cryptocurrency.
Source: coinpedia.org
