Knox group of companies, with over $1.5 billion of assets under management & administration partnered with BitPay to offer luxury Dubai property for Bitcoin. BitPay is the largest Bitcoin payment processor in the world. Knox Group, British asset management company announced to launch of a residential and commercial property in Dubai worth $325 Million which will be completed by the end of 2019.
The Dubai project is one step toward efforts to push Bitcoin into the mainstream. Defamed and ridiculed in its early days, Bitcoin hit a record high of $4,870 recently, mounting more than 400 percent so far this year. This Dubai project represents the first time anyone can purchase property directly from a developer with Bitcoin, an accompanying press release states, and features of the sale are deliberately “mirroring” ICO (Initial Coin Offering) executions.
An Initial Coin Offering (ICO) is used by startups to bypass the rigorous and regulated capital-raising process required by venture capitalists or banks.
“It is an opportunity for the property, tech and Blockchain community by merging the property and tech sectors in a true first for the industry,” Knox Group chairman Douglas Barrowman commented.
Barrowman added, “Bitcoin’s meteoric rise in a few short years means it is now the world’s leading crypto currency is the reason behind why we are the first property development ever to be priced in Bitcoin.”
Studio apartments will start at a price from 33 Bitcoin and, mirroring ICOs; early investors will be given additional bonuses up to 20% discount, Barrowman said. Packages for interior design services and furniture can also purchase in bitcoins.
The Dubai investment is a collaboration with Baroness Michelle Mone, a member of the House of Lords and founder of the lingerie company Ultimo Brands International Limited. Baroness Mone was also mindful of the potential for Bitcoin to gain space in the property industry and boost the venture’s profile in doing so.
“Doug and I are both trailblazers in our business sectors, so of course we needed to be different, unique and inspiring – not just in the world of property, but also tech,” she continued.
Bitcoin payments platform BitPay already provides Bitcoin payment tools to companies such as Microsoft and Richard Branson’s space venture, Virgin Galactic.The company runs from Atlanta, Georgia and serves more than 60,000 merchants worldwide.