The blockchain company ByteFederal has unveiled a pilot program in Florida that will enable the use of Bitcoin for property purchases, with settlements delivered in US dollars to sellers.
Bitcoin Magazine reports the service is aimed at new construction properties and is being coordinated in partnership with New Estate Only (NEO), a platform specializing in new real estate developments. ByteFederal is also teaming with OPISAS, an international real estate firm, to enable cryptocurrency purchases in Florida by foreign investors.
“We generate a Bitcoin QR code, you make the Bitcoin payment, we handle the conversion, and then we deliver USD fiat to the escrow or title company for closing,” said Paul Tarantino, CEO of ByteFederal, which also operates Bitcoin ATMs, offers the ByteWallet and provides ByteConnect, a point-of-sale system for merchants. “It’s going to bring a lot of new users into the market who were maybe afraid of it or didn’t feel comfortable stepping in yet.”
Foreign investors drive up real estate prices, why do we allow them to buy properties if they don’t live here? Who checks where the money comes from? 1st time buyers have to jump through hoops to show where there money is, so why not get proof from these investors where their money comes from. I know as long as it is cash, nobody cares. This country is going down, let the billionaires enjoy their temporary rule, the people will fight back!
This concept is not new! I’ve spoken with a law firm/title company in years past where a conversion of bitcoin through a TRUSTED intermediary was being efficiently done. It’s very similar to a 1031 Tax Deferred Exchange purchase or sale with the intermediary holding the funds temporarily to facilitate the two transactions. We also have builders that are open minded to doing this without having to join any type of special network. Deal with the Century 21 Tenace Realtor in Florida and we
can assist!