In First, Israeli Developer to Accept Bitcoin as Payment for Apartments

Nevertheless, real estate developer hedged its bet by setting a ceiling of 10 bitcoins, or no more than a quarter of the home’s price

A gold plated souvenir Bitcoin coin is arranged for a photograph on a smart phone displaying current value of a single bitcoin, and options to buy or sell, on an app for the digital asset broker, Coinbase, in London on November 20, 2017.
AFP PHOTO / Justin TALLIS

The bitcoin phenomenon made another foray into the Tel Aviv Stock Exchange on Thursday when the publicly traded property developer Hanan Mor said it would start accepting the cryptocurrency as payment for apartments in its Ir Yamim 10 project in the central city of Netanya.

It would be the first time that an Israeli company agreed to accept payment in bitcoin. Nevertheless Hanan Mor hedged its bet by setting a ceiling of 10 bitcoins, or no more than a quarter of the home’s price, in bitcoin.

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It also won’t see more than 10 units with payment in bitcoin and conversion into shekels must be at the time of the purchase.

CEO and founder Hanan Mor said most of the project’s buyers are people in the diamond industry or other businesses or live abroad.

Shares of other listed companies with a bitcoin connection have soared in recent weeks, but Hanan Mor closed just 0.4% higher at 19.90 shekels ($5.64).