Caruso Properties partners Gemini to accept Bitcoin for rent

The California real estate developer, Rick Caruso, popularly known for his posh outdoor malls and management of USC as chairman of the board of trustees, is making history in the real estate industry. 

Caruso had announced on Wednesday that he has partnered with Gemini Exchange, a cryptocurrency exchange founded by Tyler and Cameron Winklevoss, so he can now accept rents in bitcoin (BTC) from tenants in all of its properties. 

According to LA Times, Caruso said that it invested roughly 1% of its treasury in bitcoin as a part of the partnership the company made with Gemini but refused to share the dollar value with the public.

This smart move he made by accepting the cryptocurrency as a form of payment has given him the tag of the crypto-friendliest real estate manager in the United States.

Rick Caruso stated that although none of his tenants had requested paying rents in bitcoin, he wants to be ready for the changes cryptocurrency is bringing to the world as it is increasingly being accepted around the world.

Caruso compared bitcoin to credit cards; when credit cards launched in the 1950s, it was grouped as one of the odd rarities before becoming mainstream. Caruso believes in bitcoin and blockchain doing the same, so they plan on being ahead of the curve.

Based on a report, there is every tendency that Caruso’s ambitions for gaining cryptocurrency may not only end at bitcoin. 

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 report reads.

In the United States, bitcoin is slowly making its way into the sheets of some major firms. The trend of using bitcoin in business started last year when MicroStrategy took a leap of fate by converting most of its funds to bitcoin. Afterward, some other publicly traded companies like Square and Tesla followed suit.

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