According to 1st News, a Nigerian news publication, George Residence, one of the best in the hospitality sector in Nigeria has announced plans to start accepting Bitcoin payments. The firm also announced it has already converted 50% of its balance sheet to Bitcoin.
The luxury hotel located in Lagos, Nigeria, reportedly took this decision as a form of payment solution, and to make Bitcoin their primary reserve asset is to hedge against fiat inflation.
If George Residence has actually begun accepting Bitcoins as payments, It will be the first hotel to accept Bitcoin in Nigeria.
‘‘We have allocated around 50% of our cash reserves to Bitcoin…We hope to increase that as time goes on,’’
The company CEO, Yanju George, further disclosed that George Residence has partnered with one of the leading cryptocurrency brokerage firms in the country, Coinvest Africa to process and maintain the transaction process of the company’s cryptocurrency payments network.
“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 George
Reportedly, Starting from this week, Guests at the hotel will be able to make reservations and booking using Bitcoin.
However, when looking at things considering legal status in Nigeria, as Blockfinest previously reported, Nigerians are free to use and trade cryptocurrencies. But, Nigeria’s commercial banks are prohibited from providing account services to cryptocurrency exchanges.