In a groundbreaking move for the real estate market, Delubac & Cie, a prominent French bank, has announced that it will now facilitate property purchases using cryptocurrencies. This innovative approach allows buyers to acquire real estate without needing to convert their digital assets into euros first. The bank is currently finalizing its first transaction, valued at just under one million euros, with a portion of the payment made in ether.
A New Era in Real Estate Transactions
Delubac & Cie’s latest offering is part of a broader trend of integrating cryptocurrencies into traditional financial systems. The transaction will be managed by the bank’s real estate subsidiary, Delukey, which ensures that the process adheres to the established norms of a traditional real estate sale. The property’s sale price will be set in euros, allowing for a clear understanding of the associated fees and taxes involved in the transaction.
The innovative structure of the sale includes a promise of sale that specifies both the euro amount and the cryptocurrency portion contributed by the buyer. Once the transaction details are established, the buyer’s cryptocurrencies are securely stored in a consignment wallet managed by the bank. Upon signing the deed of sale, the digital assets are transferred to the seller, who can choose to retain the cryptocurrencies or convert them into euros.
Safeguarding Against Volatility
Recognizing the inherent volatility of cryptocurrencies, Delubac & Cie has implemented a safety mechanism to protect buyers from price fluctuations between the initial agreement and the final payment. Buyers will be required to pay a quantity of cryptocurrencies that exceeds the euro equivalent of the agreed sale price by 10 to 15%. This buffer is designed to safeguard against potential declines in value during the transaction process. Any remaining crypto assets will be returned to the buyer once the operation is completed.
A Forward-Thinking Approach
This initiative by Delubac & Cie represents a significant step towards embracing the future of real estate transactions. By integrating cryptocurrencies into the buying process, the bank is not only appealing to a new generation of investors but also positioning itself as a leader in the evolving landscape of finance and real estate.
As more individuals look to leverage their digital assets for substantial purchases, Delubac & Cie’s innovative approach could set a precedent for other financial institutions and real estate agencies in France and beyond. This development marks a pivotal moment in the convergence of traditional banking and modern cryptocurrency practices, paving the way for more accessible and flexible property transactions in the future.
