Billionaire Rick Caruso’s eponymous real estate company will begin accepting rent payments for both residential and retail properties in Bitcoin as part of a new partnership with Gemini, the cryptocurrency exchange led by the Winklevoss twins.
Through their partnership, Caruso and Gemini intend to bring cryptocurrency, non-fungible tokens (NFTs), and blockchain applications to Caruso properties as a way to engage visitors throughout their ecosystem.
Such a move by Caruso’s Los Angeles-based company is the latest in a series of US firms starting to accept Bitcoin as a payment. Earlier this year, Tesla announced both the purchase of $1.5 billion (£1.09bn) in Bitcoin and that it would be accepting the crypto as payment for its electric vehicles. Square CEO Jack Dorsey followed suit, buying $170 million (£123m) in Bitcoin for his company’s corporate treasury.
Speaking on the partnership, Rick Caruso said he believes “working with Gemini will bring unparalleled experiences and pioneering technology that add real value to our guest experience. We envision a myriad of opportunities where we can better engage our guests and enhance their experience on our properties like introducing blockchain enabled rewards and enabling cryptocurrency payments.”
“We are thrilled to partner with Caruso as they continue to push the real estate sector to new heights by embracing cryptocurrency for the benefit of both their customer experience and their own business operations,” said Tyler Winklevoss, CEO of Gemini.
“We are excited to help them execute their digital asset treasury strategy and advise them more broadly throughout their cryptocurrency journey,” he concluded.