Escrow Firm Glen Oaks Escrow Announces Its First-Ever Bitcoin-backed Property Refinancing

Glen Oaks Escrow, one of the biggest independent escrow firms, has declared its earliest property recapitalization by offering a Bitcoin-supported loan. The firm claimed that it is completing its first Bitcoin-insured refinancing. In an announcement made on 28th July, the company stated that it has formerly facilitated a vast majority of transactions regarding real estate utilizing the payment method of Bitcoin (BTC).

It has been expressed by Joe Curtis, the Chief Operating Officer of the company, that Glen Oaks Escrow (the organization which commenced its acceptance of BTC deposits in 2018) considers the transaction to be evidence for an increased value of Bitcoin in the eyes of creditors as well as the debtors. He further stated that this payment method is continuously expediting as the lenders also prefer Bitcoin in the transactions regarding real estate which is showing that there is a potential for this technology to grow further for becoming prominent even though the company is a novice in this regard.

Simultaneously, a Dogecoin admirer from Utah (a state of the U.S.) has provided a discount of up to 10% on his estate in case of a buyer who pays in DOGE. On 27th July, it was reported by a native T.V. channel that the owner offered his property for $389,000 and announced that he will accept seven digital currencies however DOGE would be the preferred one and he believed that a discount of 10% would attract the people toward the purchase. The current price of the property in DOGE currency is nearly 1.7M tokens after the application of the above-mentioned discount.

The earliest BTC transaction for real estate was reported in 2017 which took place in Texas.The aforementioned two deals indicate the progressive advancements in the field of real estate. It was reported on 23rd July that the number of firms embracing crypto payments is gradually spiking.

Piper Moretti, the founder, and CEO of The Crypto Realty Group disclosed that a lot of purchasers are making real estate deal via utilizing crypto assets, are borrowing loans to hold their digital assets for long periods to take benefit from them.

It was reported in May that the customers could use DOGE for the purchase of property in Portugal. A collaboration has been made between 355 Developments (a property developer from Portugal) and FNTX Capital Suisse for offering condos in return for crypto in Lisbon.