The crypto industry is booming, and so are the lifestyles of some of its leaders. According to Financial Review, Michael Egorov, the founder and CEO of Curve Finance, a decentralized stablecoin exchange, and his wife have bought a mansion in Melbourne for $41 million, setting a record for the highest real estate transaction in Victoria this year.
The mansion, called Avon Court, is located in the prestigious Toorak suburb and features six bedrooms, eight bathrooms, a tennis court, a pool, a gym, a cinema, and a wine cellar. The property was previously owned by businessman John Higgins and his wife Marlyse, who bought it for $18 million in 2013.
Egorov is a physicist and scientist by training, having earned his degrees from the Moscow Institute of Physics and Technology. He was previously a senior software engineer at LinkedIn and a co-founder and CTO of NuCypher, an encryption company. He launched Curve Finance in January 2020 as a new type of decentralized exchange liquidity pool that allows users to trade stablecoins with low fees and high efficiency. Curve Finance also features yield farming and governance tokens that reward liquidity providers.
Egorov is not the only crypto entrepreneur who has splurged on real estate in Australia. Earlier this year, Jerry Heinz, the founder of STEPN, a social media platform that rewards users with cryptocurrency, also paid $15 million to buy a mansion in the Pymble district of Sydney. Heinz said he wanted to create a crypto hub in Australia and attract more talent and investors to the industry.