ENCINITAS, Calif., July 28, 2021 /PRNewswire/ -- Glen Oaks Escrow, one of Southern California's largest independent escrow companies, announced that it closed yet another Bitcoin transaction - one with a unique set of circumstances.
While the company has facilitated a number of real estate transactions that used Bitcoin as the form of payment, this transaction was unique since it was a refinance in which the lender used Bitcoin as the source of funds for the loan.
Given that Glen Oaks Escrow is able to provide services in other regions outside of San Diego, Escrow Officer Doreen Tirres, successfully supported the client with the transaction.
"This was an exciting transaction to be a part of, given that the scenario was a first for our organization. Prior to this, Glen Oaks Escrow had only facilitated transactions in which the buyer used Bitcoin as the form of payment. 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," shared Joe Curtis, COO of Glen Oaks Escrow.
Glen Oaks Escrow started accepting Bitcoin payments in 2018, which has proven to be a wise decision, given that consumers have turned to it on several occasions for their preferred payment method.
"Seeing someone other than the home buyer use Bitcoin in a real estate transaction tells us that this technology has the potential to continue becoming more prominent, even if it is still considered new to our industry. We look forward to supporting many more cryptocurrency transactions in the future and are very proud that we've pioneered the way to implement systems and processes that allow us to accept it," explained Curtis.
About Glen Oaks Escrow
Glen Oaks Escrow is part of the Pango Group, a family of companies that include American Trust Escrow, CV Escrow, California Elite Escrow, Escrow Trust Advisors, AV Escrow, VOI Insurance Solutions, Mosaic Signing Services, and Document Archive Solutions.
Pango Group has been one of the leading independent escrow resources in California for over 25 years with locations from Los Angeles to Orange County to the Coachella Valley and San Diego and owns and manages over 20 offices and 300 employees.
The company's mission of running exceptional real estate service businesses that enhance the lives of the people, partners, and communities we serve has been an integral part of its success. Most recently, it was named one of the Best Places to Work for the 8th year in a row in Los Angeles.
SOURCE Glen Oaks Escrow