Glen Oaks Escrow has made its first bitcoin-backed refinance loan for a property in San Diego, US. The Californian company is excited about the future of crypto in the real estate industry with the increase of firms accepting crypto.
Having previously only facilitated transactions where the buyer uses bitcoin as payment, the company is excited about the growing use of cryptocurrency in the real estate industry.
Seeing a lender use cryptocurrency for a refinance shows us that this payment method is continuing to grow in how it’s used and who it’s used by.
Joe Curtis, COO, Glen Oaks Escrow
In Australia, some individuals have used cryptocurrencies to pay off their mortgage or to put down a deposit, and some have even put their houses up for bitcoin.
Bitcoin’s Future in Real Estate
Glen Oaks Escrow began accepting bitcoin as payment in 2018 and since then has facilitated a number of transactions.
Seeing someone other than the homebuyer use bitcoin in a real estate transaction tells us that this technology has the potential to continue becoming more prominent […] We look forward to supporting many more cryptocurrency transactions in the future and are very proud that we’ve pioneered the way to implement the systems and processes that allow us to accept it,
Joe Curtis, COO, Glen Oaks Escrow
A bitcoin-backed loan is similar to any other loan, except you can borrow cryptocurrency and use your existing bitcoin as collateral. For more on how it’s done, Binance also has facilities that allow for crypto loans.
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