According to BitPay 2019 it appears as the best year for the purchase of real estate with cryptocurrencies
Grove Resort & Water Park will accept Bitcoin for the purchase of its 878 tourist-style residences, located in Orlando, Florida, and where the BitPay payment processor is listed as the main intermediary.
The real estate industry is one of the most important and representative sectors of the current economy, they are an attractive investment alternative with various ways of investing. This would be the last company to partner with BitPay to facilitate the processing of payments with Bitcoin for real estate transactions.
The Grove is where the apartments are sold to foreign buyers and residents, is a leader in the development of a new generation of holiday residence destinations. It consists of 878 fully furnished luxury condominium homes that sell from $ 310,000 to $ 400,000 a new generation of vacation apartments in Orlando Florida. The Grove Resort & Water Park continues to present state-of-the-art amenities to attract buyers from around the world.
BitPay is a Bitcoin payment service provider based in Atlanta, Georgia, United States which was founded in May 2011 by Tony Gallippi and Stephen Pair. BitPay provides Bitcoin and Bitcoin Cash payment processing services for merchants and is gradually becoming a relevant name within the real estate market.
According to BitPay’s commercial director, Sonny Singh, the company processed almost $ 20 million in real estate development and real estate sales. After bottoming in the cryptocurrency market in 2018, this figure dropped to around $ 6 million.
On the other hand, Singh said that BitPay is in time to double its real estate business every year, since in 2018 the company processed $ 2.7 million in direct real estate transactions through deposit companies and law firms that act as security deposits .
This sector can certainly not afford to lag behind in terms of the vanguard of cryptocurrencies, many say that the future of real estate is in blockchain technology, there are many cases that set a precedent in this aspect and also having and several applications that are joining this world of real estate and cryptocurrencies as well as we saw earlier.
The company exchanges bitcoins in US dollars and transfers the funds to a deposit agent on behalf of the buyer.
The commercial director of BitPay indicated that the company made its first real estate transaction through Piper Moretti, based in California, approximately four years ago, and since then, the company has processed “millions” in real estate transactions for corporations and individuals, and this 2019 is the best year yet.
In this sense, we can highlight that many real estate workers are urgently involved in the use of cryptocurrencies as means of payment for the purchase, sale and rental of properties, because there have already been several representative cases successfully through of the use of cryptocurrencies in this commercial sector.
Through this ecosystem, people can make a deal without converting currencies and also manage to eliminate third-party intermediation and reduce transaction fees. Cryptocurrencies allow a fast and frictionless transfer of value worldwide, we know that the traditional real estate sector is paper based and involves a large number of third parties, including brokers, custodians and banks, therefore, blockchain and use Cryptoactive assets will allow people to transfer funds, property titles and data in a more peer-to-peer way that is digital and open source.
Reference: criptotendencia. com
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