George Residence, a leading pioneer in the hotel shortlet market, has announced its decision to adopt Bitcoin as its primary reserve, as well as, a form of payment.
The luxury shortlet operator, 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.
Yanju George, CEO, George Residence, announced in an official statement that the decision to make Bitcoin their primary reserve asset is to hedge against fiat inflation. He said, “We have allocated around 50 percent of our cash reserves to Bitcoin and we hope to increase that as time goes on”.
He also added that they have 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 said 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 hotel experience.