The Knox Group of Companies, with headquarters in the Isle of Man, announced late on Tuesday it will launch a residential and commercial property development in Dubai valued at £250mn ($325mn), with residences that can be purchased in the digital currency bitcoin.
The company said the 2.4mn-square-foot (22.3-hectare) property venture called Aston Plaza and Residences, consisting of two residential towers and a shopping mall, will be the first major real estate development that will accept bitcoin as payment.
The Dubai project is one step toward efforts to push bitcoin into the mainstream.
Maligned and ridiculed in its early days, bitcoin hit a record high of $4,870 last Friday, surging more than 400% so far this year.
The whole project is expected to be completed by late 2019.
“This a great opportunity for the crypto-currency community to offload some of its significant gains, especially the early adopters, and actually deploy them in hard-core assets which I’m building,” Knox’s chairman, Doug Barrowman, said in an interview with Reuters.