Benzinga | Apr 8, 2021 05:27PM EDT

Tesla's Landlord Caruso Properties Now Accepts Bitcoin For Rent Payment

California-based real estate company Caruso Properties has announced it will accept rental payments in Bitcoin (CRYPTO: BTC) for both residential and retail properties.

What Happened: Among the list of Caruso's retail tenants is Tesla Inc (NASDAQ:TSLA)'s store at the Americana, at Brand center in Glendale, California.

The real estate firm has partnered with cryptocurrency exchange and custodian Gemini, which it will likely use to custody any payments received in cryptocurrency.

"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," said Tyler Winklevoss, CEO of Gemini.

Caruso has also allocated 1% of its treasury towards Bitcoin as part of its treasury management strategy, making it the first major U.S real estate firm to embrace the digital asset as a store of value.

"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," said Rick Caruso, Founder and CEO of Caruso.

According to a press release shared by the firm, the partnership with Gemini marks the beginning of a long-term relationship intended to bring cryptocurrency, non-fungible tokens (NFTs), and blockchain applications to Caruso properties as a way to engage the millions of visitors throughout their ecosystem.

Speaking to CNBC, Caruso explained his vision for a loyalty program where consumer rewards are paid out in cryptocurrency. "You can use that cryptocurrency on the blockchain then to spend at our properties. Check into our resort. When you live with us, pay your rent. We create this whole ecosystem," he said.

According to Caruso, the company sees crypto as a long-term bet and envisions it will become an important part of the next decade.