Top 3 Real Estate Companies Using Crypto and Blockchain
The real estate market is slowly experiencing a crypto makeover. Properties are being listed for Bitcoin and Ethereum, among other cryptocurrencies. But the most innovative ideas that are set to disrupt the real estate market are not about payment options for rent or mortgage. Following are the top real estate companies using crypto and blockchain:
1. Leaseum Partners – Security Tokens:
Leaseum Partners, a London-based real estate investment firm, is planning to raise $250 million for a tokenized real estate investment fund. The firm is partnering with Michael Chetrit, a principal of the New York-based Chetrit Organization, a real estate management and development services company.
The fund will issue securitized digital tokens for commercial real estate investments in Manhattan, allowing investors to own a piece of the Big Apple. Steve Sillam, Leaseum’s co-founder and CEO, says that a tokenized fund offers a key advantage: liquidity. The tokens will also ensure dividends, including payouts from rental income, and redemption and voting rights.
2. Meridio – Ownership on the Blockchain:
Brooklyn-based Meridio (formerly Pangea) is initiating an experiment that could upend the real estate market in New York, changing the rules of play, the players and wealth distribution. New York has notoriously high rents and expensive real estate, pushing Millennials to other cities altogether or into New York closets-turned-bedrooms. Meridio is trying to redesign the market by introducing blockchain to manage and store the paperwork required for a real estate purchase and transferable digital tokens that represent ownership. The model will allow separate parties to share ownership of a single property. Transfer of ownership will be managed by smart contracts on the Ethereum network.
3. 16 Bennett – Accepting Crypto for Rent:
16 Bennett is New Jersey’s first rental development to accept Bitcoin, Ethereum, Litecoin, Bitcoin Cash and other cryptocurrencies as payment. Located on Jersey City’s West Side, 16 Bennett is an upscale residence with one, two and three-bedroom units ranging from $1,725 for 697 square feet to $3,600 for 1,523 square feet. The eye-popping online 3D tour is available in VR.
Individual landlords are also making their own arrangements to accommodate tenants who want to pay with crypto, but these instances are rare. For homeowners who want to pay their mortgage in Bitcoin, it will take mainstream adoption and more revolutionary leaps by fintech specialists and blockchain experts who are working to replace legacy banking systems with cryptocurrencies and digital ledgers.
There are many more companies in the real estate field operating with cryptocurrencies and blockchain.