The Knox Group of Companies, with headquarters in the Isle of Man, announced late on Tuesday it will launch a residential and commercial property development in Dubai valued at £250 million (Dh1.19 billion), with residences that can be purchased in the digital currency bitcoin.
The company said the 2.4 million-square-foot property venture called Aston Plaza and Residences, consisting of two residential towers and a shopping mall, will be the first major real estate development that will accept bitcoin as payment.
The Dubai project is one step toward efforts to push bitcoin into the mainstream. Maligned and ridiculed in its early days, bitcoin hit a record high of US$4,870 on Friday, surging more than 400 per cent so far this year.
The whole project is expected to be completed by late 2019.
“This a great opportunity for the cryptocurrency community to offload some of its significant gains, especially the early adopters, and actually deploy them in hard-core assets which I’m building,” said Knox’s chairman, Doug Barrowman.
Mr Barrowman, originally from Scotland, in 2008 founded Knox, which engages in private equity, property and wealth management. The company manages £1.5bn in assets, he said.
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