The post Crypto News: Christie’s Enters the Crypto Real Estate Game with $1B Property Portfolio appeared first on Coinpedia Fintech News
One of the largest American brokerages, Christie’s International Real Estate, has launched a division specializing in digital currencies. This allows the sellers and the buyers to use cryptocurrency without involving banks.
The new unit, led by Christie’s Southern California CEO Aaron Kirman, manages over $1 billion in crypto-listed properties. This is open to buyers paying in crypto only.
Christie’s Offers $1 billion Luxury Crypto-Listed Properties
The unit led by Kirman is now planning to expand the crypto real estate models, which previously involved the sale of a $65 million Beverly Hills mansion. The move aligns with regulatory developments of the US Federal Housing Finance Agency (FHFA). In June, it directed Fannie Mae and Freddie Mac to explore treating crypto as a reserve asset in risk assessment for mortgages.
Properties currently listed for bitcoin include — $118 million La Fin mansion in Bel Air, the $18 million Invisible House in Joshua Tree, and $63 million Nightingale property in Beverly Hills.
Proper Security Check to Ensure Protection in Crypto Transaction
The estate network has a legal and crypto compliance team of lawyers, analysts, and crypto experts to ensure the security of the crypto transactions during trading. The section will run complete legal checks on the origin of the assets to ensure their legality.
Kirman said that these wealthy crypto asset holders seeking real-world assets prefer to avoid traditional banking systems, keeping their identities protected. So, these blockchain-based asset transactions will make it harder for the public to trace the ownership.
Christie’s Follows the Global Trend of Crypto
As the U.S. pushes forward the evolution of digital assets with the GENIUS Act and the CLARITY Act, global businesses, even real estate networks, adopt the trend. In an interview, Kirman said, “The trend was obvious — crypto is here to stay…it’s only going to get bigger over the next few years.”
Kirman estimates that in five years, over one-third of US home sales could involve cryptocurrency. He also said that discussions are currently underway with major banks to allow crypto-based home financing.