Pacaso, a real estate platform focused on second homes, is now supporting cryptocurrency payments.
The startup, which reached $1 billion in valuation months after its launch in October 2020, partnered with crypto payment service provider BitPay to allow clients to buy ownership shares in second homes using digital assets.
In a statement, the firm says that homebuyers can settle down payments using crypto and then pay the rest of the balance using fiat and cryptocurrency. Supported coins include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Wrapped Bitcoin (WBTC) and five USD-pegged stablecoins.
Pacaso’s co-founder and CEO Austin Allison says the firm’s new payment option is in response to the growing popularity of crypto and blockchain in the real estate industry.
“Crypto payment option is a recurring topic in our conversations with prospective buyers of second homes.
As we expand internationally and put second-home co-ownership within reach for more people across the globe, we’re thrilled to be able to respond to that demand and extend as many payment options as we can to our customers.”
BitPay CEO Stephen Pair says they are seeing a growing number of large purchases like real estate being paid in crypto.
“The market potential for crypto is huge, with $55 Billion as the estimated value of purchases consumers will make using cryptocurrency in the next 12 months.”
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