{"id":23058,"date":"2022-07-16T20:33:55","date_gmt":"2022-07-16T20:33:55","guid":{"rendered":"http:\/\/egrowonline.com\/?p=23058"},"modified":"2022-07-16T20:33:55","modified_gmt":"2022-07-16T20:33:55","slug":"canadian-condo-project-accepting-cryptocurrency","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=23058","title":{"rendered":"Canadian Condo Project Accepting Cryptocurrency"},"content":{"rendered":"


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\"Ray<\/p>\n

Ray Junior Courtemanche and renderings of Cit\u00e9 Mirabel near Montreal (Getty, Cit\u00e9 Mirabel, Facebook\/Ray Junior Courtemanche)<\/p>\n<\/div>\n

Canadian developer Ray Junior Courtemanche, a former professional stock car racer, says \u201cthe timing was right\u201d to accept cryptocurrencies for a condo project near Montreal. He might want to do some more research next time.<\/p>\n

Courtemanche said in a news release<\/a> last week that he teamed up with Dello, a Montreal fintech company, to process crypto payments for units at SKYBL\u00dc Condos<\/a>, 30 miles north of the city. His announcement came after the global crypto market lost almost $2 trillion in value since November, costing the jobs of about 1,700 crypto exchange employees in June alone.<\/p>\n

\u201cI was just waiting for a simple and effective way to be able to accept crypto, and today, the solution exists and it\u2019s from Quebec!\u201d he said in the statement punctuated by three exclamation points. \u201cAt this point, I was sold on that idea,\u201d he said, adding, \u201cLots of people would benefit from crypto and blockchain technology, including those in real estate.\u201d<\/p>\n

While public awareness of cryptocurrency is growing, the market is shrinking, a downturn that\u2019s lasted all year and got even worse last month.<\/p>\n

The price of Bitcoin, the most recognized crypto currency, dropped 38 percent in June to less than $20,000, according to Forbes<\/a>, bringing its year-to-date loss to 60 percent. Another currency, Ethereum dropped more than 42 percent last month to under $1,100, erasing half its value since the start of the year.<\/p>\n

Courtemanche\u2019s Cit\u00e9 Mirabel condo project consists of three 15-story buildings, ranging from one- to three-bedroom units. Amenities include a swimming pool, gym and outdoor relaxation spaces.<\/p>\n

Crypto payments are slowly being embraced in American real estate. In January, a crypto investor paid $7 million<\/a> for a condo unit in downtown Miami. It was the second-highest cryptocurrency sale in Miami, trailing a $7.2 million one last summer and a penthouse at Arte in Surfside that sold for $22.5 million<\/a> in digital tokens in 2021.
$22.5 million penthouse<\/p>\n

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