A hospitality holding, George Residence, a leading pioneer in the shortlet market, at the weekend announced its decision to adopt Bitcoin as its primary reserve as well as a form of payment.
The luxury shortlet which came to the forefront of the Nigerian hospitality industry in 2020, has now become the first apartment-hotel and one of a select few companies in the country to accept digital currencies as payment.
The CEO of the firm, ‘Yanju George, in an official statement, announced that the decision to make Bitcoin their primary reserve asset is to hedge against fiat inflation. He said “we have allocated around 50% of our cash reserves to Bitcoin and we hope to increase that as time goes on.”
He also added that the company has listed Bitcoin as a means of payment for their apartments, partnering with Coinnest Africa, a leading cryptocurrency brokerage firm, to process their cryptocurrency payments.
“Bitcoin is the currency of the future and it is only right that we are strongly positioned so we do not get left behind,” Yanju was quoted as saying in an interview, hours after announcing their capability to accept Bitcoin.
The shortlet, located in the heart of Lekki, Lagos, has in the last year become the preferred destination for top Nigerians, celebrities and business travelers seeking a premium and fully-serviced experience.
Starting this week, guests at the luxury shortlet apartment will be able to make reservations and bookings using the world’s fastest growing currency.
“Bitcoin permits our guests a faster and more secure way to enjoy the comfort we offer. Our residents desire simplicity, and we are excited to be able to offer that to them”, said the CEO.