The customer of two properties was an unidentified investor who bought Cardano’s ADA early on when the cryptocurrency was trading at around $0.06 per coin.
Real estate developer Prometheus International has sold two luxurious houses on the Portuguese island of Madeira for a total of €4.1 million ($4.7 million) paid for in the popular cryptocurrency Cardano ($ADA).
In keeping with local news outlet Sapo, this is the “most expensive luxury real estate acquisition in Portugal since the blockchain revolution,” and was the first two properties to be offered in ADA in the country.
Prometheus International’s CEO Priyesh Patel told the news outlet that the firm is seeking to position itself to be engaging for every market. The customer of both properties was an unidentified investor who bought Cardano’s ADA early on when the cryptocurrency was trading at around $0.06 per coin.
The price of the cryptocurrency has since exploded o hit an all-time high above $3, with the investor believing it nonetheless may make it to the $5 mark.
The corporate has reportedly developed protocols that allow it to conduct know-your-customer checks for patrons using cryptoassets to purchase properties. The possession of the properties is then made available via non-fungible tokens (NFTs) on the blockchain.
Whereas the acquisition was made using ADA, the corporate reportedly developed artificial intelligence that helps it understand when it’s time to sell the tokens for fiat currency that may then enter their bank accounts.
Prometheus International reportedly has a number of different projects being developed in the area with a total value above 15 million euros.
As reported Cardano, along with Solana, led altcoin investment product inflows last week, according to CoinShares, whereas different altcoins like Ethereum, Litecoin, and Polkadot recorded outflows. The flagship cryptocurrency saw inflows of $225 million.
Cardano’s price rise has allowed Gene Simmons, the iconic bass player of the popular rock bank Kiss, to double a $300,000 funding made in the cryptocurrency back in February.
The views and opinions expressed by the author, or any people talked about in this article, are for informational functions only, and they don’t represent financial, investment, or different recommendations. Investing in or trading cryptoassets comes with a threat of financial loss.