Washington-based real estate firm – Harbor Custom Development, Inc. – will reportedly start accepting digital currencies as payment for its residential homes, apartments, condominiums, and other properties as of January 24th.
Crypto Making its Way in the Retail Estate Industry
According to a recent coverage, Harbor Custom Development, Inc. (Nasdaq ticker: HCDI) will embrace numerous digital assets as a means of settlement. Some of the assets include Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and the self-proclaimed DOGE-killer Shiba Inu (SHIB).
Commenting on the matter was Jeff Habersetzer – Chief Operating Officer at the company:
“Acceptance of digital currencies for our real estate offerings is a logical step for Harbor and demonstrates our flexible business model that separates us from our industry peers.”
Harbor Custom Development sells properties in Washington; Sacramento, California; Punta Gorda, Florida; and Austin, Texas. The cryptocurrency option will be available for residents of all aforementioned states.
According to Sterling Griffin – President and CEO of the firm – the company will open its doors to an industry with a purchasing power exceeding $1 trillion by enabling digital asset payments. The initiative also “places Harbor in a first-mover position of adoption,” he added.
Not The First to Embrace Crypto in The Field
In April last year, one of the largest estate companies in the US – Caruso – enabled its tenants to pay rent with bitcoin, should they choose to do so. The company also invested an undisclosed amount in BTC as part of its treasury management strategy.
A few months later, Arte Surfside – a building offering deluxe properties in Miami Beach – sold one of its oceanfront condominiums for a whopping $22.5 million. The deal became the most expensive residential transaction paid with digital assets. However, it was not disclosed what type of cryptocurrency the buyer used.
Subsequently, in September, the New York-based property management company – Magnum Real Estate Group – announced it will accept Bitcoin (BTC) as a payment method for the sale of a shopping center in Manhattan. If someone decides to employ the primary cryptocurrency as a means of payment, they will break the previous record as this property is worth $29 million.