By
Chimamanda U. Martha
April 25th, 2024
The use of cryptocurrency in real estate purchases has become increasingly popular.
United States commercial real estate marketplace MyEListing has integrated with Coinbase to accept Bitcoin payments. The platform will allow users to purchase US real estate properties with both Bitcoin and fiat. It launched on April 20 with Texas properties listed and is set to expand to select US states in June.
MyEListing will enable real estate agents to list US commercial and residential properties and accept crypto and cash payments from anywhere in the world. The platform supports firms such as NAI Global, Colliers, and Cushman & Wakefield. Buyers will be able to complete purchases within one business day through the ASAP (accelerated sale and purchase) program. With the launch of the program, which is touted as a safe and efficient way to buy and sell property, MyEListing expects to revolutionize the way people invest in real estate. The platform is estimated to reduce transaction times by almost 50 times the average.
“This initiative will drive innovation in the crypto and real estate industries,” says Caleb Richter, CEO of MyEListing.com. “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. With the ASAP program, anyone, regardless of the language they speak or where they are in the world, can purchase American real estate with crypto in as little as one business day.”
The initiative is a result of a partnership between MyEListing, Coinbase Commerce, Millennial Title and Championship Title. MyEListing provides the listing and data platform, Coinbase Commerce converts buyers’ Bitcoin into fiat for the seller while Millennial Title and Championship Title oversee the title work.
MyEListing, With Help from #Coinbase Commerce, Creates the World's First Place to Buy and Sell US #RealEstate With #Crypto.
👉 https://t.co/sGbiX4nQnY pic.twitter.com/pwERj7LAqv
— MyEListing (@MyEListing) April 20, 2023
The Use of Bitcoin and Other Crypto Payments in Real Estate and Beyond
The use of cryptocurrency in real estate purchases has become increasingly popular. Early this year, Bin Faqeeh, a top real estate developer in Bahrain announced that its clients could pay for real estate using Bitcoin and Shiba Inu. Title Partners of South Florida Inc, Kuper Sotheby’s International Realty, and One Sotheby’s International Realty are also reported to have closed real estate deals paid for using crypto.
Some companies outside real estate that accept crypto payments include Tesla, PayPal, Starbucks, Twitch, Time Magazine, and AMC.