The Knox Group of Companies, with headquarters on the Isle of Man, announced this week that it will launch a residential and commercial property development in Dubai valued at £250-million (R4.2-billion), with residences that can be purchased in the digital currency bitcoin. The company said the 22.3ha property venture, called Aston Plaza and Residences and consisting of two residential towers and a shopping mall, would be the first major real-estate development that would accept bitcoin as payment. The Dubai project is one step towards efforts to push bitcoin into the mainstream. Maligned and ridiculed in its early days, the value of bitcoin has surged more than 400% so far this year. The entire project is expected to be completed by late 2019. "This is a great opportunity for the crypto-currency community to offload some of its significant gains, especially the early adopters, and actually deploy them in hardcore assets which I'm building," said Knox's chairman, Doug Barrowman. Th...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now