LOS ANGELES, April 7, 2021 /PRNewswire/ -- Caruso, one of the largest and most admired privately held real estate companies in the United States, announced today its investment into cryptocurrency through a partnership with Gemini, a cryptocurrency exchange and custodian. Caruso has made a significant 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 their guests throughout its retail ecosystem. Reinforcing the company's belief in the robust future of cryptocurrency, Caruso will also be accepting rent payments for both residential and retail properties in bitcoin, subject to applicable laws.
This partnership marks the beginning of a holistic, 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 and is a signal of Caruso's steadfast belief in the future of bitcoin and cryptocurrency, including its potential mainstream commercial and financial services applications globally.
"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," said Rick Caruso, Founder and CEO of Caruso. "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."
"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. "We are excited to help them execute their digital asset treasury strategy and advise them more broadly throughout their cryptocurrency journey."
Caruso has been elevating the guest experience since day one. Meeting customers and guests where they are and where they are going is fundamental to the company's work. This partnership 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.
Caruso is one of the most successful, productive and profitable real estate development and hospitality companies in the world. Headquartered in Los Angeles, California, the privately held company owns and operates a diverse portfolio of retail, residential and mixed-use properties known for their award-winning architecture, unparalleled quest experiences, and dedication to their local communities. Caruso's expertise in creating beloved town centers has made its properties desired locations for retail flagships, new to brick-and-mortar tenants, and innovative dining and entertainment concepts. Consistently ranked among the top shopping centers in the world, Caruso's properties continue to outperform the industry standards for occupancy rates and average sales per square foot. Included in Caruso's world-class portfolio and marquee shopping and dining destinations are The Grove and The Americana at Brand; luxury residential building 8500; and The Masonic Temple, a restored 1929 Art Deco landmark converted into innovative Class-A office space. The company continues to focus on expansion and currently has invested more than a billion dollars in new lines of business, including the newly opened, first-of-its-kind retail, dining and entertainment destination Palisades Village, as well as the ultra-luxury five-star beachfront resort Rosewood Miramar Beach in Montecito, California.
About Gemini Trust Company
Gemini is a cryptocurrency exchange and custodian that allows customers to buy, sell, and store more than 30 cryptocurrencies like bitcoin, bitcoin cash, ether, litecoin, and Zcash. Gemini is a New York trust company that is subject to the capital reserve requirements, cybersecurity requirements, and banking compliance standards set forth by the New York State Department of Financial Services and the New York Banking Law. Gemini was founded in 2014 by twin brothers Cameron and Tyler Winklevoss to empower the individual through crypto. To learn more, visit https://gemini.com