People who want to use cryptocurrency to buy and sell real estate in the US will soon be able to do so via a platform billed as the first bitcoin real estate marketplace in the country.
The launch of the service from MyEListing.com, a commercial real estate listings and data platform, was rolled out this week, bringing together the newest asset class with the multi-trillion dollar US commercial and residential property markets.
Texas properties were the first to be listed this week. In June, real estate in “other select states” will be listed by agents, brokers, and sellers. The company in its statement didn’t specify which states will carry listings.
Transactions can be closed within one business day, which is about 50 times faster than current averages, the company said. The marketplace is open to people worldwide and is integrated with Coinbase Commerce, a section of the crypto exchange that allows merchants to accept digital coin payments.
The platform will push innovation in both the crypto and real estate industries, Caleb Richter, MyEListing.com’s CEO, said in a statement.
“Real estate commerce needs to be changed. It’s hard enough as it is to buy property in your local neighborhood, let alone in another state or country,” he said.
Bitcoin Magazine noted that other real estate firms elsewhere in the world were accepting bitcoin as payment.
The launch arrives during a tumultuous period for the US housing and commercial property markets, with interest rates rapidly rising while a potential recession is brewing. Median home prices in March fell by the most since 2012, by 3.3% annually, according to Redfin. Meanwhile, lending standards for commercial real estate loans were expected to tighter further with a credit crunch forming, Bank of America said last month.
