Those looking to use cryptocurrency to buy and sell real estate in the U.S. will soon be able to do so through a platform billed as the nation’s first bitcoin real estate marketplace.
The launch of the service from MyEListing.com, a commercial real estate listing and data platform, was launched this week, bringing together the newest asset class with the multi-trillion dollar US commercial and residential property markets, Texas. The properties of were the first. Will be filed this week, internal report.
In June, real estate in “other select states” will be listed by agents, brokers, and sellers. The company did not specify in its statement which states will list.
Transactions can be closed within one business day, about 50 times faster than the current average, the company said.
The marketplace is open to people around the world and is integrated with Coinbase Commerce, a part of the crypto exchange that allows merchants to accept digital coin payments.
Caleb Richter, CEO of MyEListing.com, said in a statement that the platform will spur innovation in both the crypto and real estate industries.
“Real estate commerce needs to change. It’s difficult enough to buy property in your local neighborhood, let alone in another state or country,” he said.
Bitcoin Magazine noted that real estate firms elsewhere in the world were accepting Bitcoin as payment.
The launch comes during a turbulent period for the US housing and commercial property markets, with interest rates rising sharply while a potential recession looms. Median home prices fell in March by the most since 2012, an annualized 3.3 percent, according to Redfin. Meanwhile, lending standards for commercial real estate loans were expected to tighten further with the credit crunch, Bank of America said last month.
