Legendary developer Rick Caruso is entering the world of crypto.
Caruso’s eponymous real estate company says tenants of his residential and retail properties can soon pay their rent in Bitcoin (BTC).
The Los Angeles-based company, one of the most profitable real estate development firms in the world, reveals that it invested in the king coin as part of its treasury management strategy.
It also partnered with Gemini, the digital assets exchange and custodian founded by Cameron and Tyler Winklevoss, to integrate cryptocurrencies, non-fungible tokens (NFTs), and blockchain into its business infrastructure.
“I believe Bitcoin and cryptocurrency will play an important role in our collective future, and working with Gemini now will bring unparalleled experiences and pioneering technology that add real value to our guest experience.”
In an interview on CNBC’s “Power Lunch,” the billionaire shares his company’s plan to use digital assets and blockchain for rewards and payments.
“Our loyalty program, what I envision in working with Gemini and the Winklevosses, is you will earn coin. You will earn a cryptocurrency.
You can use that cryptocurrency on the blockchain then to spend at our properties, check into our resort, when you live with us, pay your rent. We create this whole ecosystem.”
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