Canadian developer Ray Junior Courtemanche, a former professional stock car driver, says “the time has come” to accept cryptocurrencies for a condo project near Montreal. He may want to do more research next time.
Courtemanche said in a press release last week that it has partnered with Dello, a Montreal-based fintech company, to process crypto payments for units at SKYBLÜ Condos, 30 miles north of the city. His announcement came after the global crypto market lost nearly $2 trillion in value since November, costing around 1,700 crypto exchange employees jobs in June alone.
“I was just waiting for a simple and effective way to be able to accept crypto, and today the solution exists and it comes from Quebec! he said in the statement punctuated by three exclamation points. “At this point, I was sold on this idea,” he said, adding, “A lot of people would benefit from crypto and blockchain technology, including those in real estate.”
As public awareness of cryptocurrency increases, the market is shrinking, a downturn that has lasted all year and worsened further in the past month.
The price of Bitcoin, the most recognized cryptocurrency, fell 38% in June to below $20,000, according to Forbes, bringing its year-to-date loss to 60%. Another currency, Ethereum, fell more than 42% last month to below $1,100, wiping out half of its value since the start of the year.
The Cité Mirabel condo project by Courtemanche consists of three 15-storey buildings, ranging from one- to three-bedroom units. Facilities include a swimming pool, gym and outdoor relaxation areas.
Crypto payments are slowly being adopted in US real estate. In January, a crypto investor paid $7 million for a downtown Miami condo. It was the second highest cryptocurrency sale in Miami, behind a $7.2 million sale last summer and a penthouse at Arte in Surfside that sold for $22.5 million. dollars in digital tokens in 2021.
$22.5 million penthouse