Billionaire investors baroness Michelle Mone and Douglas Barrowman first announced their intention to sell luxury apartments in Dubai in exchange for Bitcoin last year, and now Business Insider reports that the partners have reached a milestone on their mission.
Mone and Barrowman aimed to sell some 150 units in the $325 million USD Aston Plaza and Residences development in exchange for Bitcoin, and now – as of February 10th – the duo have officially sold fifty units in exchange for cryptocurrency.
The properties on offer range from studios that range from $130,000 USD (15.5 BTC) all the way to larger two-bedroom apartments that cost $380,000 each, which amounts to some 45 BTC at the time of sale.
In a statement to Business Insider, Mone revealed that some buyers elected to purchase two apartments each, with one investor apparently purchasing ten units altogether.
Mone and Barrowman have described the undertaking as a landmark endeavor, with Aston Plaza and Residences being the ‘first major development of this size’ to become available for purchase in cryptocurrency.
Not done yet
Mone and Barrowman’s property bid is not the pair’s only undertaking in the cryptocurrency space; the duo are now raising money for their own cryptocurrency investment platform dubbed Equi, which will aim to raise $75 million USD through an Initial Coin Offering.
The entrepreneurs hope to sell Equi Tokens in a bid to develop the Equi platform, which would serve as an investment website that could potentially ‘open up’ venture capital investment to ‘ordinary people’.
Barrowman described that the Equi Token “allows people to access our platform, have a look at the investment propositions that we are showcasing and form a view, and they can use the Equi Tokens to effectively invest in the projects in a project-by-project basis.”
Barrowman confirmed in an interview with Business Insider that Equi will focus on technology, biotech, and cryptocurrency companies.
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