Brock Pierce Purchases $1.3 Million Mansion In Amsterdam With Bitcoin

Well-known crypto entrepreneur Brock Pierce used his bitcoins to purchase a mansion in Amsterdam. This is one of the rare purchases done with bitcoin so in our latest cryptocurrency news, we read more about this amazing news.

Pierce’s purchase is the first real estate transaction as a crypto-backed mortgage. The Swiss-based crypto startup Nexo is behind the purchase. Nexo is actually a crypto wallet that borrows you up to $2 million in just 24 hours. You can choose from more than 45 different currencies.
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Nexo’s co-founder Antoni Trenchev said about the purchase:

 “He backed the entire loan for the house with bitcoin. This was our first-ever crypto-backed mortgage.”

Brock Pierce is initially known as a child actor that starred in the movie ‘’The Mighty Ducks’’. A year ago is when he first bought his Amsterdam mansion.
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Trenched says that Pierce wanted to hold his crypto assets but ended up needing the money for the property so he used his bitcoin holdings. Trenchev explained:

 “So we take that bitcoin and other digital currencies as collateral using a third-party qualified custodian to store it and give them fiat cash for it. But neither the client nor us have access to the coins. For a loan of $10,000, you will need to deposit $20,000 in bitcoin. So we lend you 50 cents on the dollar.”

Pierce believes that buying real estate with crypto is a convenient way of financing. He also said previously that the real estate market and the tokenization will become a quadrillion-dollar market.

As one of the best cryptocurrency websites previously reported, Mike Novogratz also believes that the tokenization of assets will become an emerging trend. Novogratz says that many companies already are tokenizing luxury apartments on the real estate markets in New York, Colorado and Aspen.

Now, many apartment buildings are getting their own tokens which allow the owners to invest in luxurious places for living with a small investment. For example, New York real estate agent Ryan Serhan believes that the tokenized system could revolutionize real estate financing.