RedSwan CRE, a tokenization platform focused on the leading commercial real estate sector, now accepts Dogecoin (CRYPTO: DOGE) as one of its payment options for investing in two multi-family properties.
What happened: The properties are Lakehouse, a 270-unit luxury multi-family development located on Lake Merritt near downtown Oakland, California, and the 251-unit Apollo Apartments in the Seattle suburb of Edmonds, State. Washington.
“Accredited investors will be able to use Dogecoin to purchase fractional ownership in buildings, which can then be traded like stocks,” the company said on its website. “This will be the first time that a major real estate asset will be available for a specific crypto community.”
Investments in properties start at $ 1,000 each, and the company also accepts US dollar and dollar-indexed stablecoins in addition to Dogecoin.
RedSwan CRE added that the combined fundraising for these two deals is $ 36 million, including $ 20 million for Lakehouse and $ 16 million for Apollo.
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Why is this important: Despite Dogecoin’s growing popularity as an investment vehicle, trading opportunities for cryptocurrency have been relatively limited.
In March, Mark Cuban’s Dallas Mavericks has started accepting Dogecoin payments, making it the largest US company to adopt the asset. Other companies that also accept Dogecoin is the Latvian carrier AirBaltic, UK based web hosting company HostMeNow and Canadian Internet service provider EasyDNS.
But the vast majority of US businesses are excluding Dogecoin payments from their agenda, although a few have acknowledged the presence of cryptocurrency. This week, AMC Entertainment Holdings, Inc. (NYSE: AMC) CEO Adam Aaron Conducted Poll Asking The Movie Chain To Accept Dogecoin As A Payment Option; The company has excluded Dogecoin from cryptocurrency options it plans to make available for online payments later this year.
Elon Musk, who spent a seemingly endless time tweeting about Dogecoin, conducted a similar poll in May asking if people wanted Dogecoin payment options for buying You’re here (NASDAQ: TSLA). Despite overwhelming public support for the idea, Tesla has yet to accept Dogecoin.
Photo: KNFind from Pixabay.