Glen Oaks Escrow, one of Southern California’s largest independent escrow companies, recently announced that it closed its second Bitcoin transaction.
The organization shared that the homebuyer contacted the Glen Oaks Escrow office in San Diego to inquire about using Bitcoin after hearing about previous Bitcoin transactions that were administered within the organization.
“We’re thrilled that our organization has closed another transaction with Bitcoin. We made the decision in 2018 to start accepting Bitcoin payments, and we are glad that we did, given that consumers see the value and are taking advantage of this payment method. This transaction exemplifies that, while a young technology in our industry, blockchain, and cryptocurrencies have the potential to become a bigger part of real estate transactions. And, given the current economic climate, some experts are predicting that real estate, gold, and Bitcoin will perform strongly over the long-term. We look forward to being there for our clients and are very proud to be at the forefront to enable transactions in this way,” shared Joe Curtis, COO of Glen Oaks Escrow.
Glen Oaks Escrow accepts Bitcoin payments through BitPay, which acts as the payment processor in the transaction and is used to verify the funds. The escrow company then sends out an invoice to the buyer, similar to wire instructions in a fiat currency transaction.
The buyer then has a fixed window of time to remit payment using Bitcoin or another accepted cryptocurrency. The funds go to escrow through BitPay, which converts the Bitcoin into cash and wires US Dollars into the escrow account. In summary, BitPay takes the Bitcoin and converts it to cash for the seller, so the seller never actually sees the Bitcoin payment, just the cash.
“While some people and companies are still trying to understand how cryptocurrencies fit into the real estate industry, we continue to see the growth of usage in other markets. From Crypto Startup Schools to large banks getting involved with cryptocurrencies, we are confident that this new way of doing business will increase in our industry. We’re proud to be paving the way for this technology,” explained Curtis.
SOURCE Glen Oaks Escrow