Emerging blockchain hub, Malta, the small European nation in the Mediterranean Sea, is in the news yet again.

Only days after announcing a €300,000 scholarship fund, the country is grabbing headlines within crypto circles with a $3 million ‘palace’ sale that will be finalized entirely in Bitcoin.

The Palazzo is located in Valletta, Malta and is on sale for 550 BTC. Only Bitcoin accepted.

Based on a review of the listing, the property requires restoration work. Pictures suggest the 400-year-old property is quite rundown but retains many of its old architecture.

The unique requirement of the buyer only being able to pay in bitcoin makes it stand out as potentially the first ever property to be purchased in cryptocurrency on what is now ‘Blockchain Island’ of the world.

About the property

The mansion is an 860 square-meter historic beauty, one of many within the scenic city undergoing renovation.

The heart of Valletta has several such historic buildings that are attracting interest from the wealthy, and who are transforming them into state-of-the-art boutiques that target the rich.

The sale, therefore, gives the buyer authority to transform the building into either a magnificent high-end hotel or palatial offices.

Property owner Ian Fitzpatrick has said that the sale is only one among many other such properties that could be sold in cryptocurrency only.

He said that Malta has been attracting troves of crypto investors who see the island nation as the best place to invest in the crypto business.

According to Fitzpatrick, the Palazzo is over four centuries old and is still one of the truly breathtaking buildings in the city. Like many other old buildings in that part of the city, the Palazzo can make a great boutique hotel.

CryptoHomes

The building is on sale courtesy of CryptoHomes, a crypto initiative that seeks to see the adoption and use of cryptocurrency in the real estate industry.

Dennis Avorin, one of the founders of CryptoHomes idea, has said that the firm will list several other real estate assets for sale in crypto only.

He also enthused that Malta was on the frontline in crypto adoption and that showed that the industry has a future in the country. To achieve its goals, CryptoHomes has partnered multi-currency wallet Cubits.

The two firms are promoting the use of crypto assets in the purchase of property, with the aim of convincing the skeptics that cryptocurrencies can be used in the same manner as normal fiat currencies.

Dennis Avorin stated:

“Crypto is here to stay and we want to showcase that cryptocurrencies are not only commodities for speculators but also a means to purchase solid assets.”

CryptoHomes also hopes to comply with know-your-customer (KYC) regulations and ensure the same knowledge is fully available to its customers. In that regard, the firm has signed a partnership with KnowMeHow- a blockchain-based firm that provides KYC solutions.

Malta quickly becoming a blockchain leader

Malta’s match towards becoming the de facto blockchain destination in the world continues to gather pace. Other companies like Remax Malta have also indicated they could offer investors the opportunity to purchase property using cryptocurrency.

There is also excitement building up as the country prepares to host the Malta Blockchain Summit this November, that could yet attract the-who-is-who in blockchain investments.

At the moment, the all-BTC property sale has attracted the attention of John McAfee, one of the speakers at the November conference. Malta is currently ticking all the right boxes in terms of blockchain innovation and crypto adoption.