Real Estate Developers Sell Condos For Bitcoin Using BitPay

Real estate developers started selling condos in New York for Bitcoin with the help of Bitpay and Starr and according to the developers, the entire process was ‘’seamless.’’ Let’s learn more about it in the cryptocurrency news below.

One of the real estate developers, Ben Shaoul, sold a retail condo in Upper East Side New York and the transaction was completely carried out with Bitcoin. Both of the parties used BitPay and Starr to complete the sale and the apartment that was a subject of the deal is 11,400 square-feet and a Taiwanese company is a buyer.

Apparently, this is not the first attempt to Shaoul to complete a full real estate transaction using only Bitcoin. He had previously said that Bitcoin payments should become more acceptable to the company he represents. The real estate market is not really associated with digital forms of payments such as Bitcoin but there are plenty of examples of high-worth properties that were sold or offered for Cryptocurrency.

One of the first most notable transactions using Bitcoin was in 2014 when a secret buyer reportedly paid up to $1.66 million for a 1.4-acre land. The total payment was done for 2,738 bitcoins as the price of one was only $580 back then. The sales director of the real estate company commented:

 “Many of our buyers are in the tech sector and are early adopters of Bitcoin. We understand the importance of adapting to cutting-edge purchasing methods.”

Other transactions that were recorded using Bitcoin suggested a few other deals from 2017. There was also a secret buyer who used his 3,300 bitcoins to purchase a mansion in Manhattan Beach. The price at that time converted in USD was a little above 3 million. Also, two multi-million dollar homes were sold for $20 million also using Bitcoin.

There was supposed to be a very big deal from Dubai when a luxury development over $320 million was put on offer and the buyers could join with Bitcoin. However, this development never happened fully. There are plenty of real estate agencies that are now joining on the bitcoin bandwagon and start offering flats for bitcoin as well.