Pacaso, a real estate website, said it will take cryptocurrencies via Bitpay on October 20, the day bitcoin hit a new all-time high. Austin Allison, the CEO of a real estate firm that lets individuals buy and co-own a second house, says the company has witnessed growing crypto usage “across the real estate industry.”
Spencer Rascoff and Austin Allison co-founded Pacaso, a real estate portal. Rascoff is well-known for co-founding Zillow Group as well as Hotwire.com. Rascoff and Allison co-founded Pacaso in October 2020, and the firm is a real estate platform that makes owning a second house easier by utilizing shared ownership. Pacaso’s business concept is related to but yet distinct from the timeshare model.
The company has now opted to accept crypto assets through the digital currency payment network Bitpay, which is located in Atlanta.
Austin Allison, Pacaso’s co-founder and CEO, said:
“Digital currencies and the blockchains that power them are seeing increased adoption across the real estate industry, and a crypto payment option is a recurring topic in our conversations with prospective buyers of second homes”
“As we expand internationally and put second-home co-ownership within reach for more people across the globe, we’re thrilled to be able to respond to that demand and extend as many payment options as we can to our customers.” He added.
The CEO of Bitpay believes that more cryptocurrency transactions are being made for ‘large purchases like real estate.’
Pacaso clients will be able to pick among a variety of digital assets, including bitcoin (BTC), ethereum (ETH), litecoin (LTC), bitcoin cash (BCH), dogecoin (DOGE), and wrapped bitcoin, according to the release (WBTC). Pacaso customers can additionally use five different stablecoins in addition to this. According to Stephen Pair, CEO of Bitpay, the firm has recently witnessed considerably larger transactions such as individuals purchasing homes.
“We are seeing more transactions being made for large purchases like real estate as more crypto holders want to spend and live their life on crypto. Pacaso makes a second home a reality,” Pair explained on Wednesday. “The market potential for crypto is huge, with $55 billion as the estimated value of purchases consumers will make using cryptocurrency in the next 12 months.”
Pacaso claims that paying with crypto will be just as simple as paying with fiat, because clients may use their crypto assets as a down payment on a property and finance the rest of the deal, or alternatively divide payment between crypto and fiat money.