RATE Group | BitPay Says Crypto Spending on Real Estate to Double in 2019
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BitPay Says Crypto Spending on Real Estate to Double in 2019

19 Aug BitPay Says Crypto Spending on Real Estate to Double in 2019

Posted at 22:51h in Cryptocurrency News by

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A luxury condominium complex in Orlando, Florida, is the latest firm to partner with BitPay to provide bitcoin payment processing for real estate transactions.

Announced August 6, the Grove Resort & Water Park will accept bitcoin for purchases of their 878 resort-style condo residences. Yet, the relatively small update hides a larger story – BitPay is becoming somewhat of an established name in the real estate market.

In 2017, the company processed nearly $20 million in real estate development and real estate sales. Following the bottoming out of the cryptocurrency market in 2018, this figured dropped to around $6 million, according to BitPay’s chief commercial officer, Sonny Singh.

In the first two quarters of this year, however, the company says it has already processed over $5 million in real estate transactions. Singh said BitPay is in line to double its real estate business year over year, as in 2018 the company processed $2.7 million in direct real estate…

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