Canadian real estate developer, Ray Junior Courtemanche, announced that his company, SKYBLU Condos, will now accept cryptocurrency including Bitcoin (BTC) for its condos.
The exploding cryptocurrency industry is revolutionizing the finacial ecosystem along with an increasing interconectedness with centralized finance. Not only financial institutions, but several governments are acknowledging crypto assets and are setting regulations to streamline the use of crypto to make purchases across everyday use products.
Real Estate Industry will Benefit from Cryptocurrencies
On July 12, Courtemanche, stated that the global economy is inevitably moving towards a digital eco-system. From investment to money transfer, everything is going paperless. The newest and most promising addition to the digital payment sector is cryptocurrency. An increasing number of people worldwide have turned to cryptocurrencies for their daily transactions. He emphasized,
“More and more people are turning to cryptocurrency. I was just waiting for a simple and effective way to be able to accept crypto, and today, the solution exists and it’s from Quebec! At this point, I was sold on that idea.”
According to the official blog post, Skyblu Condos, will allow its customers to purchase their condos using cryptocurrency which will be powered by Montreal based fintech company, Dello. Dello’s, ‘crypto POS systems’, will allow businesses to accept cryptocurrencies and receive settlement in cash directly to their bank accounts. Skyblu, believes that the mass adoption of cryptocurrency should happen at the earliest. The company added,
“The crypto ecosystem is secure and reliable. In a transaction, it cuts out many intermediaries. At the end of the line, lots of people would benefit from crypto and blockchain technology, including those in real estate.”
Crypto’s Tryst With Real Estate
The opportunities for using cryptocurrency in real estate transactions are growing leaps and bounds. Digital tokens are becoming an increasingly popular way to pay for rent and leases. Online travel agency giant, Expedia.com, has already started accepting Bitcoins (BTC) in payment and has recently begun taking on more and more Airbnb-style rental/vacation listings.
The future of real estate is set to be revolutionised! #DAMACProperties is one of the first developers to accept #Bitcoin and #Ethereum as a transactional medium for property purchases. This is a major boost for the digital economy!
— DAMAC Properties (@DAMACOfficial) April 27, 2022
In April 2022, Dubai’s leading real estate developer, DAMAC properties, revealed that it will accept cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH) for sale and purchase of its properties. Bradley Nelson, CMO of Sotheby’s International Realty, explained that in the luxury real estate market, transacting in cryptocurrency will grow at an exponential rate in the near future. He expressed,
“If wealth creation drives a market, and crypto is driving wealth creation, then I think there’s going to be an increased demand for that kind of payment, as opposed to cash.”