Bitcoin conquers the real estate industry: Buyers can pay for real estate in Manhattan in BTC

Bitcoin adaptation is progressing: According to a recent report, Magnum Real Estate Group will accept Bitcoin as payment for the sale of three stores valued at $ 29 million. The shops are located within a luxury residential development in Manhattan.

The stores at 385 First Avenue, also known as CODA, cover more than 9,000 square feet and are currently leased to M&T Bank, Mighty Pita Restaurant, and ProHEALTH Urgent Care Clinic.

Commenting on his firm’s experience with cryptocurrencies, Ben Shaoul, managing partner of New York-based Magnum, which owns a $ 4 billion real estate portfolio, said:

“We are a pioneer in Bitcoin transactions and we see a way in which many more transactions can be processed via blockchain”

The real estate sale will then be processed via BitPay, a Bitcoin payment service provider. The customer makes the purchase in a cryptocurrency and BitPay verifies the funds and accepts the cryptocurrency on behalf of Magnum. The dollars will then be deposited into Magnum’s bank account the next business day, minus a 1 percent fee, said Sonny Singh, BitPay’s chief commercial officer.

Singh also stated that potential buyers from any part of the world can use Bitcoin to buy real estate:

“The beauty of cryptocurrencies is that they are a global digital asset. The buyer simply scans a QR code to pay. “

If someone pays the $ 29 million in BTC, it would be the most expensive transaction in the real estate industry paid for in cryptocurrency. Right now the record belongs to a luxury penthouse in Miami Beach. In June of that year, an anonymous buyer paid a whopping $ 22.5 million in digital assets to purchase the oceanfront condo.

Another example of the increasing adoption of cryptocurrencies came from the Autism Science Foundation. The non-profit organization supports people who participate in
Suffer from autism. She announced that she is now accepting donations in seven different digital assets. Supporters can now send donations to the organization in Bitcoin, Ethereum, Litecoin, Dogecoin, Bitcoin Cash, USD Coin and Dai.

Alison Singer – co-founder and president of ARSP – expressed the hope that the new option could prove to be very beneficial for those in need:

“We are thrilled that we can now expand our fundraising mechanisms to include cryptocurrencies, which is another opportunity for individuals and businesses alike to make a meaningful difference in the lives of people with autism.”

Image via Pixabay / license

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