Bitcoin News: New York-based real estate brokerage firm Algocap Real Estate has announced that it will start accepting cryptocurrencies such as Bitcoin, Dogecoin and Ethereum for transactions.
The firm said in a press release that the move aims to increase the popularity of cryptocurrency as well as new millionaires enriched by the digital currency industry. Algocap states that these factors contribute to the high demand for tokenization of real estate.
According to AlgoCap, there is a growing interest from consumers who want to be part of the New York real estate market by using digital currencies.
“Algocap has the expertise to regulate complex transactions, including real estate, tokenization deals, and can work with both US and non-US clients to provide new digital real estate opportunities,” said Algocap founder Max Dilendorf.
Algocap, the pioneer of crypto transactions in real estate, acknowledges that the processing of such payments is complex and the industry lacks skilled personnel to facilitate the use of digital assets in the industry.
The real estate firm also points to the need to focus on regulations, specifically US tax laws, to facilitate cross-border crossings. But Algocap said it has a team of lawyers who can handle complex real estate cryptocurrency transactions.
Algocap is a pioneer in real estate tokenization, which aims to facilitate transactions by eliminating tedious paperwork as well as allowing Cryptocurrency payments. Through Algocap’s Token, a virtual token is created to obtain ownership of a real estate stake.
Increasing crypto payments in real estate
The company’s decision contributes to the increased adoption of cryptocurrencies in real estate. For example, recently, Maltese real estate company Dreamflats announced that it will accept lease payments in Cardano (ADA).
Payments will be made for units in Zaha Hadid Architects’ Mercury Towers building. In April, billionaire announced that Rick Caruso would accept real estate company Bitcoin as a rent payment for residential and retail properties. The company stated that accepting Bitcoin is due to the belief that Cryptocurrencies will now take place in our lives.