Pacaso, a fast-growing house co-ownership platform located in the United States, is the latest name to embrace cryptocurrency payments, announcing on October 20 that consumers will be able to buy and sell using token like Bitcoin and Ethereum.
The extraordinary price volatility of bitcoin and other digital currencies has produced a cautious attitude in some industries regarding the innovation. But the world evolves all the time.
As various prominent firms and businesses become more open to cryptocurrencies, the bias against them is gradually shifting to acceptance. The huge gains in cryptos also may be appealing, as fiat currencies are losing a lot of value when 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 not actually a direct investment in Bitcoin, this does show that the interest in tokens is massive.
Pacaso Raises Funds, is Open to Ethereum
Austin Allison, co-founder of the real estate network for luxury residences, said last month that the company had successfully raised $125 million in capital, valuing the company at $1.5 billion.
Spencer Rascoff and Austin Allison founded the company in 2020. Pacaso has quickly expanded, with the objective of assisting people in purchasing and co-owning a second property through shared ownership.
Pacaso’s strategy is unique, despite the fact that it is not the first company to follow this type of business model. More investors are looking for ways to keep up with inflation, and real estate is one area that can do that.
However, given the risk of political actions that harm the value of property, like the ones that drove 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 well known in the real estate sector with Zillow Group and in the travel market with Hotwire.com. When it comes to digital currency platforms, Pacaso’s first choice is Bitpay.
Austin Allison expressed his thoughts on the widespread use of cryptocurrencies, saying:
“Digital currencies and the blockchains that power them are seeing increased adoption across the real estate industry, and a 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.”
By adding these payment methods, Pacaso will help attract many new customers to the company. In addition, paying with cryptocurrencies brings a lot of conveniences such as: fast, secure and more easily adjustable.
More Companies See Cryptos as Cash
Although there have been a number of financial giants paved the way, the fledgling asset that is attracting the attention of investors has not yet become a popular form of payment, partly due to the volatility in the value of cryptocurrencies.
But the game is changing. After long periods of being shunned by companies, Bitcoin, Ethereum and other digital currencies now seem to be gaining more and more popularity as a conventional asset and means of payment.
In April 2021, American real estate billionaire Rick Caruso said that his real estate company will invest in Bitcoin and will accept customers to pay rent in this digital currency.
Unlike Rick Caruso’s company, Pacaso not only accepts Bitcoin but also a wide range of other digital assets, including Ethereum, Litecoin (LTC), Dogecoin (DOGE) and other assets.
These kinds of developments will help cryptos gain even wider acceptance, and encourage people to use them in their daily lives.