The Cayman Islands has long been an idyllic beach getaway for tourists, but the archipelago could soon welcome Bitcoin (BTC) holders as new residents through BTC-backed loans used to invest in real estate.
Bitcoin banking firm Ledn, which is registered with the Cayman Islands Monetary Authority as a virtual assets service provider (VASP), is providing an avenue for Bitcoin holders to use their BTC as collateral for loans to invest in real estate on the islands.
This is just one avenue that prospective new residents of the islands could take to obtain citizenship, with investments over $2.4 million in real estate in the Cayman Islands qualifying a buyer for permanent residency.
Related: Noted tax haven Cayman Islands sees new bills to bring local crypto to FATF’s heel
Speaking directly to Cointelegraph, Ledn CEO Adam Reeds unpacked a new partnership with local real estate agency Parallel, which has also facilitated a number of cryptocurrency-based property sales in the Cayman Islands.
“Ledn will provide real estate buyers in the Caymans with crypto-backed loans, which Parallel will accept as a means to finance purchases. Parallel will only accept borrowed funds if they’ve been loaned by Ledn — it is an exclusive partnership in this…
