Real estate company Caruso partners with Gemini to embrace cryptocurrency

By Pavithra R

Caruso, one of the largest privately-held real estate and hospitality company in the U.S. has announced its investment into cryptocurrency through a partnership with Gemini Trust Company, a New York trust company that is a licensed cryptocurrency exchange and custodian.

Caruso has made an initial investment in bitcoin as part of its treasury management strategy making them the first to adopt the technology in the real estate industry, continuing to pioneer new technology and experiences for its guests throughout its retail ecosystem. Reinforcing the company’s belief in the future of cryptocurrency, the firm will also be accepting rent payments for both residential and retail properties in bitcoin, subject to applicable laws.

“We have partnered with the most innovative company in cryptocurrency management and blockchain technology because they are reinventing the way we do business for tomorrow. I believe Bitcoin and cryptocurrency will play an important role in our collective future, and working with Gemini now will bring unparalleled experiences and pioneering technology that add real value to our guest experience. We envision a myriad of opportunities where we can better engage our guests and enhance their experience on our properties like introducing blockchain enabled rewards and enabling cryptocurrency payments. Partnering with Gemini on consumer applications will bring endless options, but we also see a future of how this technology will bring people together,” said Rick Caruso, Founder and CEO of Caruso.

The alliance marks the beginning of a holistic, long-term relationship intended to bring cryptocurrency, non-fungible tokens (NFTs), and blockchain applications to Caruso properties. The deal reinforces that the real estate company’s roadmap is deeply aligned with innovative technology and its mission to bring decentralized retail payment options to their guests through uncomplicated, efficient, and safe transactions protected by blockchain technology.

“We are thrilled to partner with Caruso as they continue to push the real estate sector to new heights by embracing cryptocurrency for the benefit of both their customer experience and their own business operations. We are excited to help them execute their digital asset treasury strategy and advise them more broadly throughout their cryptocurrency journey,” said Tyler Winklevoss, CEO of Gemini.

Founded in 2015, by Cameron and Tyler Winklevoss, Gemini is a next-generation cryptocurrency exchange and custodian that allows customers to buy, sell, and store more than 30 cryptocurrencies including bitcoin, bitcoin cash, litecoin, ether, and Zcash. It provides cryptocurrency services and infrastructure to a growing number of traditional financial services institutions through Gemini Custody, Gemini Fund Solutions, and custom integrations with registered investment advisors and FinTech platforms.