Real estate investment company Jamestown Announced acceptance in partnership with BitPay Cryptocurrency About payment of commercial rent. Jamestown does not receive or hold cryptocurrencies. Rather, BitPay acts as an exchange between Jamestown and its tenants. Real Estate Weekly Report.
“Blockchain technology and the digital assets it enables (such as cryptocurrencies and non-fungible tokens) are key elements of the evolution of real estate,” Jamestown President Michael Phillips told REW. “Cryptocurrency payments are part of our commitment to innovation and larger digital asset strategies to optimize and maximize physical real estate through technology and virtual integration.”
The program will initially be rolled out in the United States and is planned to expand to Jamestown’s assets in Europe. Jamestown is also considering a direct deposit program for employees who want to be partially paid in cryptocurrencies. In addition, the company will connect BitPay with retail tenants to offer customers cryptocurrency payment options.
The commercial real estate industry is gradually increasing the acceptance of cryptocurrencies, but it is still far from widespread. last year, WeWork announces We will start accepting payment of membership fees using Bitcoin, Ethereum and other cryptocurrencies.
Developer Real Estate Market Group Said last year E11EVEN Hotel & Residency in Miami will begin accepting cryptocurrencies as a payment method for pre-construction condominium deposits, but cryptocurrencies will only be accepted during the second, third and fourth stages of the deposit process, banks and title companies. There is a need to convert crypto assets to US dollars at the time of signing.
On the other side of the (cryptocurrency) coin, cryptocurrency mining Benefited data centers and office buildings In rural and suburban areas of states such as Georgia, areas where crypto mining companies are flocking to mine assets in a more cost-effective manner, especially those using cheap electricity.