Loginov companies co-founder wants to settle the transaction using Bitcoins. He hopes that doing this will help Bitcoin go more mainstream in real estate industry worth billion of dollars. He said he wants to change perceptions of cryptocurrencies. He said such events will remove the need for solicitors and property title, and will change the way real estate transactions are conducted through banks. He also added that bitcoin transactions can be done faster, more efficiently and more easily than working with banks, which bring over regulation.
It is reported that London Wall purchased the Notting Hill property for £9.5 million and has spent about three years renovating it from five flats into a single residence which is now in process of being sold.
The event comes in light as Bitcoin's price goes all time high this month. Such events are also likely to help Bitcoin to get a better image as it is tied to tax evasion money, laundering and black market. Loginov and his partner named Ned El-Imad have hired advisers related to firm Quintel and barrister James Ramsden QC in order to make sure that the money they will receive is not tied to money laundering or any other illegal method.
As of now today's price it equates to around 4090 Bitcoin.
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