RedSwan CRE, a tokenization platform focused on the leading commercial real estate sector, is now accepting Dogecoin DOGE/USD as one of its payment options for investment in two multifamily properties.
What Happened: The properties are Lakehouse, a 270-unit luxury multifamily development located on Lake Merritt near downtown Oakland, California, and the 251-unit Apollo Apartments in the Seattle suburb of Edmonds, Washington.
“Accredited investors will be able to use Dogecoin to purchase fractionalized ownership in the buildings, which can be later traded like stocks,” said the company on its website. “This will be the first time a major real estate asset will be available to a specific crypto community.”
Investments in the properties begin at $1,000 each, and the company is also accepting U.S. dollar and stablecoins pegged to the dollar in addition to Dogecoin.
RedSwan CRE added the combined equity raise for these two deals is $36 million, with $20 million for Lakehouse and $16 million for Apollo.
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Why It Matters: Despite a fast-growing popularity in Dogecoin as an investment vehicle, transactional opportunities for the cryptocurrency have been relatively limited.
In March, Mark Cuban’s Dallas Mavericks began accepting Dogecoin payments, making it the most prominent U.S. company to embrace the asset. Other companies that also accept Dogecoin is the Latvian carrier AirBaltic, the U.K.-based web hosting company HostMeNow and the Canadian Internet service provider EasyDNS.
But the vast majority of U.S. corporations are keeping Dogecoin payments off their agenda, although a few have acknowledged the cryptocurrency's presence. This week, AMC Entertainment Holdings, Inc. AMC CEO Adam Aaron ran a poll asking the theater chain should accept Dogecoin as a payment option; The company excluded Dogecoin from the cryptocurrency options it planned to make available for online payments later this year.
Elon Musk, who has spent a seemingly endless amount of time tweeting about Dogecoin, ran a similar poll in May asking if people wanted Dogecoin payment options for purchasing Tesla TSLA vehicles. Despite overwhelming public support for the idea, Tesla has yet to accept Dogecoin.
Photo: KNFind from Pixabay.
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