Pacaso, a fast-growing US-based home ownership platform, is the newest name to accept payments in cryptocurrency and announces on October 20 that consumers can buy and sell using tokens like Bitcoin and Ethereum.
The extraordinary price volatility of Bitcoin and other digital currencies has resulted in a cautious attitude towards innovation in some industries. But the world is always evolving.
As various prominent firms and corporations become more open to cryptocurrencies, the bias against them is gradually shifting towards acceptance. The huge profits from cryptos can also be tempting as fiat currencies depreciate sharply compared to physical goods.
Pacaso’s decision comes less than a week after the Securities and Exchange Commission (SEC) approved the first Bitcoin futures ETF. While it is not actually a direct investment in Bitcoin, it shows that the interest in tokens is enormous.
Pacaso raises funds, is open to Ethereum
Austin Allison, co-founder of the luxury residence real estate network, said last month that the company successfully raised $ 125 million in capital and valued the company at $ 1.5 billion.
Spencer Rascoff and Austin Allison founded the company in 2020. Pacaso has expanded rapidly with the aim of helping people buy and co-own a second property through joint ownership.
Pacaso’s strategy is unique, although it is not the first company to adopt such a business model. More and more investors are looking for ways to keep up with inflation and real estate is one area where it can be done.
However, given the risk of political actions damaging the value of real estate that have driven countless people from US cities over the past year, real estate is no longer the safe investment it once was.
Spencer Rascoff, one of the company’s founders, is known with the Zillow Group in the real estate industry and with Hotwire.com in the travel market. When it comes to digital currency platforms, Pacaso’s first choice is Bitpay.
Expressing his thoughts on the widespread use of cryptocurrencies, Austin Allison said:
“Digital currencies and the blockchains that power them are becoming increasingly adopted across the real estate industry, and a crypto payment option is a recurring topic in our conversations with potential second home buyers … As we expand internationally and second home ownership is catching on for more people all over the world, we look forward to responding to this demand and offering our customers as many payment options as possible. “
By adding these payment methods, Pacaso will help bring many new customers to the company. In addition, paying with crypto currencies brings many conveniences such as: fast, secure and easily adaptable.
More companies see cryptos as cash
Although a number of financial giants have paved the way, the fledgling asset that is attracting investor attention has not yet become a popular form of payment, partly due to the volatility in the value of cryptocurrencies.
But the game is changing. Bitcoin, Ethereum and other digital currencies seem to be gaining more and more popularity as conventional means of investment and payment after a long period of driving out companies.
In April 2021, American real estate billionaire Rick Caruso said his real estate company would invest in Bitcoin and accept customers to pay rent in this digital currency.
Unlike Rick Caruso’s company, Pacaso not only accepts Bitcoin, but also a variety of other digital assets, including Ethereum, Litecoin (LTC), Dogecoin (DOGE), and other assets.
Such developments will bring cryptos to even wider adoption and encourage people to use them in their daily lives.