Second-home real estate platform Pacaso on Wednesday (Oct. 20) announced that it will now take cryptocurrency as a payment option through crypto payment service provider BitPay.
Pacaso customers can now buy their second homes with Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin, Wrapped Bitcoin and other digital currencies, including five USD-pegged stablecoins, according to the company announcement.
“Digital currencies and the blockchains that power them are seeing increased adoption across the real estate industry, and a crypto payment option is a recurring topic in our conversations with prospective buyers of second homes,” said Austin Allison, Pacaso’s Co-founder and CEO, in the announcement.
“As we expand internationally and put second-home co-ownership within reach for more people across the globe, we’re thrilled to be able to respond to that demand and extend as many payment options as we can to our customers,” he said.
Allison says “mass adoption of digital currencies” is “well underway,” meaning more people will be pushing for cryptocurrency-based payments on their second homes.
“Whether you’re HODLing Bitcoin, diversifying out of a DOGE-heavy portfolio, or somewhere in between, Pacaso is here to help you realize your second-home dreams,” he said.
Pacaso buyers can use cryptocurrency as a down-payment on their homes and finance the rest of the transaction or split payment between crypto and fiat currency using BitPay’s invoicing tools. Users choose their preferred wallet or exchange, pick a cryptocurrency and either scan a QR code or manually enter payment details into their wallets.
“We are seeing more transactions being made for large purchases like real estate as more crypto holders want to spend and live their life on crypto. Pacaso makes a second home a reality,” said Stephen Pair, CEO of BitPay, in the joint announcement. “The market potential for crypto is huge, with $55 billion as the estimated value of purchases consumers will make using cryptocurrency in the next 12 months.”
Related: PropTech Funding: Ribbon Lands $150M; Pacaso Nets $125M
Last month, Pacaso announced that it had generated $125 million in Series C funding to push its valuation to $1.5 billion and its total equity funding to more than $215 million.
Pacaso has operations in 25 markets, including Napa, Lake Tahoe, Aspen, Malibu and Miami. The company manages almost $200 million in real estate annually on its platform.