According to a press release on 13th May 2021, Cardano (ADA), the 6th largest cryptocurrency by market cap, has joined the top cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE), as a means for customers to purchase luxury condos in Portugal.
This is made possible through the collaboration between Swiss crypto payments processor, FNTX Capital Suisse and Portuguese property developer, 355 Developments.
The announcement reads as follows:
“The company’s custody, escrow, stablecoins, crypto exchange, fiat settlements, and AML/KYC solutions will streamline real estate operations and expand investment options for developers and investors.”
— FNTX Suisse (@FNTX_Suisse) May 11, 2021
The partnership between the two firms now allows customers to buy real estate in the Portuguese city of Lisbon in a seamless and efficient fashion via FNTX’s Real Estate Exchange, using Cardano (ADA), and other digital assets incorporated in the collaboration.
Reacting to the new development, David Rabbi, the founder of FNTX, said:
“What ultimately takes place now will say a lot about the future of both the property business, the world’s largest asset class, and blockchain industry.”
According to the report, the Swiss crypto payments processor expects its collaboration with 355 Developments and other quality residential projects to complete the business circle that is targeted at transforming the way people “market, search for, buy, sell and invest in properties.”
The firm also pointed out that digital currencies are still risky and highly volatile. So, crypto investors can choose to diversify into real estate, the report stated.
Cardano (ADA) in the Market
The crypto market is currently in a state of recovery following an unfavorable tweet about Bitcoin (BTC) the largest cryptocurrency by market cap, by Elon Musk, the CEO of Tesla, on 13th May 2021.
Although Cardano (ADA) was unaffected by the market downturn. The cryptocurrency even seized the opportunity to record a new all-time high of $1.93.
The resilience showcased by Cardano has been attributed to fact that it’s being powered by a proof-of-stake (PoS) consensus algorithm. At the time of press, ADA is trading at $1.87, with a relatively 5% price increase in the last 24 hours.
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