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The future is now? It’s looking that way. Miami real estate is being bought and sold using cryptocurrency. Last week a longtime cryptocurrency investor and businessman paid the equivalent of $7 million in USD Coin for a unit in downtown Miami, the second largest crypto closing ever in the city.
According to property records obtained by Miami Community Newspapers, the seller was Fernand Talpe, founding partner of Design District Interior Design Firm The Private Collections, who was represented by Isabel Rocha Silva of the Piquet Law Firm. The buyer, Sergio Gutierrez, a Costa Rican software developer, was represented by Coral Gables-based attorney Richard Barbara, who along with Coral Gables Title + Escrow, closed the transaction.
Coral Gables Title is owned by Barbara, Rodney Barreto, and his son, Brad Barreto.
The transaction was completed using “USD Coin,” a form of crypto currency known as a “stable coin,” since 1 USD can always be redeemed for 1 dollar, giving it a stable price.
It seems as though these crypto currencies are here to stay. Only time will tell.
