Pacaso the leading real estate network that assists people in purchasing and co-owning a second house, announced that it will begin taking cryptocurrencies as a payment option for ownership shares in second homes offered through its platform and
It also announced an additional $75 million in growth finance, increasing the total equity financing to more than $90 million. Furthermore, the company has received $1 billion in debt financing from major financial institutions.
Clients to Buy Ownership Shares
The company teamed with BitPay, a crypto payment service provider, to allow clients to buy ownership shares in second houses using digital assets. The company was valued at $1 billion just months after it launched in October 2020. In Q1, the company-maintained EBITDA profitability, indicating that it is on track to do so in the future.
As more crypto holders desire to spend and live their lives in crypto, we’re seeing more transactions for significant purchases like real estate. ‘With Pacaso, you may have a second home,” stated Stephen Pair, CEO of BitPay. The market potential for cryptocurrencies is enormous, with $55 billion predicted to be spent on cryptocurrency purchases in the next 12 months.
“Pacaso is like a bolt of lightning in a bottle”, Austin Allison, the company’s CEO, and co-founder, stated. People looking for a refuge, a place where they can congregate with friends and family, have responded positively to our objective to democratize second home ownership. Many people are now realizing their dream of owning a second home due to Pacaso’s revolutionary co-ownership model.
“A crypto payment option is a recurring topic in our talks with prospective buyers of second homes,” Austin Allison added. “Digital currencies and the blockchains that support them are seeing greater use across the real estate business.”
We’re happy to be able to answer to that demand and offer as many payment alternatives as possible to our clients as we grow worldwide and make second-home co-ownership more accessible to more individuals across the world.
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