Fun

News Feed - 2023-08-25 01:08:00

Gareth Jenkinson8 hours agoBitcoin-backed property investment becomes new avenue for Cayman Islands residencyBitcoin financial services firm Ledn’s ties with the Cayman Islands open a doorway for crypto users to use their funds to obtain real estate “golden visas.“3350 Total views11 Total sharesListen to article 0:00NewsJoin us on social networksThe Cayman Islands has long been an idyllic beach getaway for tourists, but the archipelago could soon welcome Bitcoin (BTC) holders as new residents through BTC-backed loans used to invest in real estate.


Bitcoin banking firm Ledn, which is registered with the Cayman Islands Monetary Authority as a virtual assets service provider (VASP), is providing an avenue for Bitcoin holders to use their BTC as collateral for loans to invest in real estate on the islands.


This is just one avenue that prospective new residents of the islands could take to obtain citizenship, with investments over $2.4 million in real estate in the Cayman Islands qualifying a buyer for permanent residency.


Related: Noted tax haven Cayman Islands sees new bills to bring local crypto to FATF’s heel


Speaking directly to Cointelegraph, Ledn CEO Adam Reeds unpacked a new partnership with local real estate agency Parallel, which has also facilitated a number of cryptocurrency-based property sales in the Cayman Islands.“Ledn will provide real estate buyers in the Caymans with crypto-backed loans, which Parallel will accept as a means to finance purchases. Parallel will only accept borrowed funds if they’ve been loaned by Ledn — it is an exclusive partnership in this sense.”


According to Reeds, Parallel handles conversion to fiat currency if either a buyer or seller prefers the option over a cryptocurrency payment. Meanwhile, Ledn’s portion of any transaction will be fiat-free, paid in either BTC or United States dollar-backed stablecoins.“Parallel is a crypto-centric real estate broker in the Caymans, so users can now finance their purchase of real estate completely fiat-free.”


It is also possible for cryptocurrency holders to pay for a property with crypto in the Cayman Islands through Parallel. Reeds, however, highlighted a potential draw card in that investors can leverage their BTC holdings as collateral without selling a portion.“Then if or when BTC goes up, your loan-to-value ratio goes down, so your house is appreciating, and so is the asset you’re borrowing against.”


Given that Parallel has previously sold real estate in cryptocurrency-facilitated transfers, Reeds added that both companies have seen demands for the service to finance significant property transactions.


The real estate firm sold a $10 million property in December 2022, which was paid for entirely in cryptocurrency. The company is also registered as a VASP with the Cayman Islands Monetary Authority, allowing it to facilitate cryptocurrency transactions. 


Both Ledn and Parallel must adhere to comprehensive compliance requirements as part of their registration with the local monetary authority.


The concept of attaining residency by investment involving cryptocurrencies is not entirely new. Vanuatu claims to be the first country to accept Bitcoin as a means of payment to obtain citizenship by investment. 


A number of other countries have emerged as cryptocurrency-friendly destinations to try and obtain citizenship. Portugal, Maltaand El Salvador have all emerged as relatively crypto-friendly countries, but it is still not possible to directly invest in Bitcoin to obtain or be eligible for residency.


Magazine: Tokenizing music royalties as NFTs could help the next Taylor Swift# Bitcoin# Finance# Adoption# Financial Services# Real Estate# Real Estate InvestmentAdd reactionAdd reactionRead moreWhat is profit and loss (PnL) and how to calculate it5 ChatGPT prompts for web developersThe future of BTC mining and the Bitcoin halving

News Feed

Brayden Lindrea2 hours agoAtomic Wallet asks to toss suit over $100M hack, saying it has ‘no US ties’The Estonia-based firm noted that only one plaintiff in the class action lawsuit is actually based in Colorado, whe
Rakesh Upadhyay6 hours agoPrice analysis 9/18: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, TON, SOLBitcoin and select altcoins are attempting to make a comeback as traders expect the Fed to hold rates steady during its meet
Report: Bankrupt Crypto Hedge Fund Three Arrows Capital Probed by SEC, CFTC for Possible Legal Violations
Report: Bankrupt Crypto Hedge Fund Three Arrows Capital Probed by SEC, CFTC for Possible Legal Violations Reports indicate that the bankrupt crypto hedge fund Three Arrows Capital
Cardano Could Move Up To $0.83 If Momentum Holds – Can ADA Sustain A Breakout?
Este artículo también está disponible en español. Cardano has faced significant volatility and selling pressure, mirroring the struggles of the broader crypto market as i
Thailand Seeks to Offer Russian Tourists Crypto Payment Option Amid Fiat Sanctions
Thailand Seeks to Offer Russian Tourists Crypto Payment Option Amid Fiat Sanctions A popular destination for many Russians, Thailand is now looking for ways to facilitate their pay
US Treasury Secretary Yellen Warns Crypto Is ‘Very Risky’ — Unsuitable for Most Retirement Savers
US Treasury Secretary Yellen Warns Crypto Is "Very Risky" — Unsuitable for Most Retirement Savers U.S. Treasury Secretary Janet Yellen warns crypto is a “very risky invest
2 Swiss Banks Launch Cryptocurrency Trading and Custody After Gaining Regulatory Approval
2 Swiss Banks Launch Cryptocurrency Trading and Custody After Gaining Regulatory ApprovalSwitzerland’s financial regulator, FINMA, has approved two Zurich-based banks to offer
Bitcoin Price One Mere Correction Away from Smashing $14,000 Milestone
The cryptocurrency market is quite mundane following an action-less weekend session. Bitcoin price briefly stepped above $11,000 but immediately corrected towards the key support at $10,500. Investors do not mind the cal
Zhiyuan Sun6 hours agoInteractive Brokers opens Hong Kong retail crypto trading with OSLHong Kong clients will be able to purchase Bitcoin and Ether in their personal accounts.729 Total views8 Total sharesListen to artic
Xbox Boss Phil Spencer Calls Today’s Metaverse a ‘Poorly Built Video Game’
Xbox Boss Phil Spencer Calls Today"s Metaverse a "Poorly Built Video Game" Phil Spencer, CEO of gaming at Microsoft and head of Xbox, directed some criticism at the idea of the met
”Decentralized Networks a Powerful Phenomenon” – Why the SEC Commissioner Proposes Time-Limited Grace Period for Tokens
”Decentralized Networks a Powerful Phenomenon” – Why the SEC Commissioner Proposes Time-Limited Grace Period for Tokens U.S. Securities and Exchange Commission (SEC) Commis
Bitcoin Boom Still In Play? Analyst Predicts Final Leg Up
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu