California’s Glen Oaks Escrow and BitPay Partner to Accept Bitcoin Payments
Glen Oaks Escrow, one of the most important escrow services provider in California, announced that it has partnered with BitPay to start accepting Bitcoin payments. The decision has been taken due to a recent surge in the number of real estate listings priced in Bitcoin.
The firm provides financial services to different enterprises in the region, including real estate companies that work with clients using virtual currencies. In order to accept Bitcoin, Glen Oaks Escrow has partnered with BitPay, a recognized crypto-services provider company in the industry.
In the future, there could be more transactions in Bitcoin and other virtual currencies. This is something that would allow the company to be a leader in the market.
Joe Curtis, Glen Oaks Escrow Chief Operating Officer, said that blockchain and cryptocurrencies have the potential to become very important players in the real estate market. He explained that the company is one step ahead of the curve, allowing transactions to be processed in virtual currencies.
The system works in a very simple way. If a client pays in Bitcoin, BitPay processes the payment and converts it into cash. After it, the funds are wired into the escrow account.
The firm explained how the payment process works:
“The purpose of BitPay in the process is to verify the funds (similar to how a bank would function). The escrow company then sends out an invoice to the buyer exactly like wire instructions would be sent. The buyer then has 15 minutes to pay with Bitcoin or the payment option will expire.”
After it, the funds go to escrow using BitPay. BitPay transforms the virtual currencies into cash and wires them into the escrow account. That means that BitPay takes the Bitcoin and converts it to cash. Glen Oaks Escrow will never have contact with any Bitcoin, everything will be processed by BitPay, to make it easier for the company.
Although there are some issues that can be improved, this is a dynamic that the real estate arena has been embracing since a very long time.
Piper Moretti, relator at Christie’s International Luxury Real Estate says that the industry could have smoother sales in the future if those are paid with cryptocurrencies. He explained that he is very excited about this possibility and that companies are starting to look at these things.
There are different projects around the world related to virtual currencies and the real estate industry. For example, in Japan, the real estate company Zweispace Japan tested a patented blockchain-based property registry. At the same time, in Argentina, the debate is already opened about how to change the current law to accept crypto transactions in the real estate industry.