George Residence, a frontline player in the hospitality sector, has announced its decision to adopt Bitcoin as its primary reserve as well as a form of payment.
The development makes George Residence the first hotel to accept Bitcoin in Nigeria.
George Residence is a luxury shortlet which came to the forefront of the Nigerian hospitality industry in 2020. Chief Executive Officer CEO, ‘Yanju George, made the announcement in a statement released to the media. Further, he disclosed that the decision to make Bitcoin their primary reserve asset is to hedge against fiat inflation.
‘‘We have allocated around 50% of our cash reserves to Bitcoin…We hope to increase that as time goes on,’’ he revealed. “Bitcoin is the currency of the future and it is only right that we are strongly positioned so we do not get left behind.
“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,” the CEO had stated.
Further, he disclosed that Bitcoin has been listed as a means of payment for their apartments; adding that George Residence has partnered with Coinvest Africa, a leading cryptocurrency brokerage firm, to process their cryptocurrency payments.
The announcement has seen George Residence join a list of a select few companies in Nigeria to accept digital currencies as payment.
Meanwhile, effective this week, guests at the luxury shortlet apartment will be able to make reservations and bookings using the world’s fastest growing currency.
Located in Lekki, Lagos, George Residence has grown as a preferred hospitality destination for top Nigerians; celebrities and business travelers seeking a premium and fully-serviced experience.