Bitcoin Adoption Grows After Acceptance by Major Real Estate Firms
Magnum Real Estate Group has approved the use of cryptocurrencies for payments. The group has announced that it will accept Bitcoin as a payment method for three shops in Manhattan worth around $30 million.
This announcement comes as Bitcoin gains increased adoption for real estate firms, following a boom of cryptocurrencies this year.
Bitcoin in the Real Estate Sector
Magnum Real Estate Group is one of the largest American property management companies in the US. The firm will now allow buyers to use Bitcoin to buy the three ground-level shops situated in Manhattan.
The firm will be using BitPay to process cryptocurrency payments for the shops. The shops are situated at the CODA shopping centre based at the high-end part of Manhattan named 385 First Avenue. The shops cover more than 9000 square feet, and some of the buildings available include clinic ProHEALTH Urgent Care, M&T Bank and Restaurant Mighty Pita.
The Managing Partner at Magnum Real Estate, Ben Shaoul, has stated that it would not be the first time the company deals in cryptocurrencies. He stated that the firm has previously sold properties in crypto.
According to BitPay, buyers globally will now use Bitcoin to buy the shops. If an investor purchases the three shops for $29 million, it will be the largest deal in real estate made in cryptocurrencies. In June, $22.5 million worth of cryptocurrencies were used to buy a condo in Miami.
Cryptocurrencies used for Charity Donations
Besides cryptocurrencies gaining adoption in the real estate sector, they are also being used to make charity donations. The Autism Science Foundation, an organization that sponsors people living with autism, announced that it would accept donations made in cryptocurrencies. The cryptocurrencies that this organization will accept, include Bitcoin, Ethereum, Dogecoin, Litecoin, Bitcoin Cash, USD Coin and Dai.
The announcement was made by the co-founder and president of the organization, Alison Singer, who stated, “We are thrilled to expand our fundraising mechanisms to now include cryptocurrency, which allows individuals and corporations yet another way to make a meaningful difference in the lives of people with autism.”
Singer also referred to the Wall Street Rides FAR fundraiser that has attracted many players in the crypto sector. Some of the major blockchain firms that will now be part of this fundraiser include Gemini, BlockFi, FTX, Fireblocks and Paxos. This fundraiser has generated over $2 million for the ASF to date.
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