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Maltese property firm to accept Cardano rent payments for hyper-modern apartments

Maltese property firm to accept Cardano rent payments for hyper-modern apartments

Maltese property company Dreamflats has announced it will accept rental contract payments in Cardano (ADA) for the Zaha Hadid Architects’ Mercury Towers building.

In a press statement, Dreamflats said revenue from the ADA payments will be disclosed to regulators, including the Malta Tourism Authority. Furthermore, tax payments from the crypto transactions will be in fiat currency.

Mercury Towers is a hyper-modern building by Zaha Hadid Architects, and the rental price will be set upon completion of the apartments in 2022.

Dreamflats joins the growing number of firms accepting cryptocurrency payments for rent. In April, billionaire Rick Caruso’s real estate company announced it would accept bitcoin as rent payment for residential and retail properties. According to Caruso, the decision is due to the belief that cryptocurrencies are here to stay.

Dreamflats becomes the first Maltese non-digital business to accept crypto payments, and the move might set a precedent for the rest of the industry. By accepting ADA, Dreamflats is shifting the focus from bitcoin, a key crypto payment option.

Cardano records increasing interest

Dreamflats’ choice of ADA follows the asset’s recent rally in price that attained an all-time high of $2.4 on May 16th. ADA’s rally correlated with the bull run sustained by bitcoin, with the asset hitting an all-time high of $64,800 on April 14th.  

However, as bitcoin struggled to maintain the gains made from the start of the year, ADA has also experienced price correction trading at $1.53 by press time, dropping 16.6% over the last seven days, according to data provided CoinMarketCap.

The ADA’s price surge also resulted in about 6,710 millionaire investors between January 1 and May 17, 2021, representing a growth of 1,231%.

Elsewhere, the Cardano network continues to attract interest in the crypto community over the ability to power real-world use cases. For example, Cardano signed a deal with the Ethiopian government to streamline the country’s education system.

The network has also witnessed continued development, having attained 100% block decentralization.

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