US Launches First Bitcoin Real Estate Marketplace – A website advertised as the first Bitcoin real estate marketplace in the US will soon let people who wish to use cryptocurrencies purchase and sell real estate in the US.
This week, the MyEListing.com service went live, connecting the newest asset class with the multi-trillion dollar US commercial and residential real estate markets. MyEListing.com is a platform for commercial real estate listings and data.
This week’s first listings were for properties in Texas. Real estate agents, brokers, and sellers will begin to offer properties in “other select states” in June. In its announcement, the business didn’t say which states will get listings.
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People can now buy and sell real estate with crypto
Compared to current norms, transactions can be completed in one business day, according to the corporation. The market is accessible to everyone and is integrated with Coinbase Commerce, a part of the cryptocurrency exchange that enables businesses to accept payments in digital coins.
The platform will promote innovation in both the cryptocurrency and real estate sectors, according to Caleb Richter, CEO of MyEListing.com.
“The real estate industry needs to evolve. “Buying a home in your neighborhood is difficult enough as it is; imagine trying to do it in another state or country,” he said.
Other real estate companies around the world, according to Bitcoin Magazine, accept Bitcoin as payment.
The debut occurs at a turbulent time for the commercial and residential real estate markets in the US, as interest rates are rising quickly and a potential recession is developing. According to Redfin, median home prices dropped by 3.3% annually in March, the most since 2012. As a credit crunch develops, lending conditions for commercial real estate loans are anticipated to become further stricter, according to a statement made by Bank of America last month.
Despite the so-called “crypto winter,” Bitcoin has increased by 65% this year. On Friday, it dropped somewhat to $27, 511. According to a Coinbase poll conducted by Morning Consult and released earlier this year, over 20% of Americans are cryptocurrency owners.