We were party to the first property ever purchased with cryptocurrency in Cayman real estate history. A significant moment for Cayman, a game changer for the island’s property market, and an exciting experience for our team.
The first escrow provider for Cryptocurrency in Cayman
For a few years, we have wanted to facilitate crypto investors, but until now, it was impossible to satisfy the source of funds and compliance requirements. That is until Laura Birrell created Parallel Limited, the first and only government-approved cryptocurrency real estate escrow provider in Cayman. They are regulated by the Cayman Islands Monetary Authority, adhering to the internationally approved AML compliance standards, including KYC checks and proof of funds verifications. What does that mean? Parallel provides a secure and legally compliant method to use cryptocurrency to buy and sell real estate in Cayman.
“Parallel is delighted to be bringing this new offering to Cayman’s real estate industry. Being able to attract crypto investors is a game changer for the market, which is one of the most robust in the world. It was a pleasure working with Mike on this first crypto sale. As one of the island’s leading brokers, his experience and forward-thinking approach helped a smooth transaction from start to finish.” - Laura Birrell, CEO and Co-Founder of Parallel Limited.
A new era for Cayman real estate
The cryptocurrency market reached a high of US$ 3 Trillion in 2021. Many analysts expect cryptocurrency to eclipse the market capital of gold by the end of the decade, which means over US$ 10 trillion by 2030. To this end, property transactions using cryptocurrency are a game changer for the island’s real estate industry and, ultimately, the economy. It positions Cayman alongside other crypto powerhouses such as Dubai, Switzerland, Germany, the United States, Montenegro, etc. Ushering in a new era with new savvy investors, further bolstering Cayman’s offering over other comparable Caribbean jurisdictions.
Buying real estate with cryptocurrency
How does it work? That is the beauty of it. There was no difference in the process. Parallel’s escrow services are so seamless that the transaction proceeds like any other real estate purchase. Parallel facilitates the conversion of the cryptocurrency into US$, which is what the seller receives.
The future of cryptocurrency in Cayman real estate
Most successful inventions come by combining mutually exclusive products into one and in the process generating a new market. Parallel has done just that. Cryptocurrency now blends perfectly with Cayman property investments, and it’s just the beginning.
We are truly excited at the new opportunities Parallel brings to Cayman’s real estate industry and the overall benefit to the local economy. After experiencing the simplicity of the process in this first transaction, we have zero doubt the trend will only flourish moving forward.
(Please Note: A conversion is required from cryptocurrency to USD for any purchases through a CIREBA agent.)
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