Following the increasing number of escrow companies on the market list who continue to adopt cryptocurrencies and the blockchain technology, Glen Oaks Escrow, another popular escrow company, has decided to join the crypto-wagon.
Glen Oaks is an independent escrow company in Southern California. The company has announced a new update in developments, conveying that it would now be accepting cryptocurrencies, specifically Bitcoin, in their daily transactions for interested clients.
Glen Oaks would be using Bitpay, the flagship of Bitcoin processors, in its subsequent transactions. The processor, BitPay has been integrated to convert the required cryptocurrency into fiat denominations, before wiring it into the designated escrow account.
Joe Curtis, the current COO of Glen Oaks Escrow sees cryptocurrencies and the blockchain fulfilling significant roles in the real estate business in the near future. He explained the reason behind the new development.
“Increasingly, blockchain and cryptocurrencies have the potential to become a bigger part of real estate transactions, and this is one step to be ahead of the curve and enable transactions to happen through this vehicle.”
While Glen Oaks might be ‘one step ahead’ of other companies, it admits that the increasing rate at which escrow homes on the market are accepting bitcoin as a payment option became a key factor in their decision. Curtis is not the only one who feels cryptocurrencies are important in the real estate industry. Piper Moretti, a licensed realtor at Christie’s International Luxury Real Estate, also commented about the added edge.
“Cryptocurrency transactions go much smoother when escrow is dialed into this cutting-edge way of purchasing property,” he explained.
With the advent of blockchain technology, many industries continue to find ways to employ the blockchain technology in countless forms that were not even imagined. The real estate industry seems ready to harness this new found strength too.
Still recently, in another interesting development, a $30 million luxury condo in Manhattan became the first major asset to be tokenized in the borough.