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Caruso Properties to Accept Bitcoin for Rent, Allocates 1% of Treasury to Asset

The move makes Caruso the largest real estate manager to accept bitcoin for payment.

Apr 7, 2021 at 8:55 p.m. UTC
Updated Sep 14, 2021 at 12:37 p.m. UTC

California real estate stalwart Caruso properties will now accept bitcoin for rent on all its properties.

In a partnership with Gemini Exchange, Caruso will now let tenants of its retail and commercial properties pay their rent in bitcoin. This makes Caruso the largest real estate manager in the United States to accept the digital asset as a form of payment.

Additionally, Caruso has allocated roughly 1% of its treasury into bitcoin, according to the LA Times.

Caruso’s crypto ambitions may not end at bitcoin, though. A press release shared with CoinDesk signals interest in other aspects of the crypto economy as well, like the hottest segment of the market right now - NFTs.

“This partnership marks the beginning of a holistic, long-term relationship intended to bring cryptocurrency, non-fungible tokens (NFTs), and blockchain applications to Caruso properties as a way to engage the millions of visitors throughout their ecosystem,” the release reads.

Bitcoin continues to make its way onto the balance sheets of prominent firms in the U.S., a trend that MicroStrategy kicked off last year when it converted most of its cash holdings into bitcoin.Since then, Square, Tesla and other publicly traded companies have added bitcoin to their balance sheets, as well.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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