LOS ANGELES, Oct. 9, 2018 /PRNewswire/ -- Glen Oaks Escrow, one of Southern California's largest independent escrow companies is now accepting cryptocurrency.
The decision was made due to an increasing number of homes currently listed on the market that are accepting Bitcoin as a form of payment. In 2014, a Lake Tahoe home sold for 2,739 Bitcoins — the equivalent of $1.6 million at the time. Since then, a number of other homes have been listed with Bitcoin as the payment method.
"Increasingly, blockchain and cryptocurrencies have the potential to become a bigger part of real estate transactions, and this is one step to be ahead of the curve and enable transactions to happen through this vehicle," explained Joe Curtis, COO of Glen Oaks Escrow.
Glen Oaks Escrow will use BitPay to accept Bitcoin payments. BitPay acts as the payment processor in the transaction. The purpose of BitPay in the process is to verify the funds (similar to how a bank would function). The escrow company then sends out an invoice to the buyer exactly like wire instructions would be sent. The buyer then has 15 minutes to pay with Bitcoin or the payment option will expire.
The funds go to escrow through BitPay and BitPay turns it into cash and wires it into the escrow account. In summary, BitPay takes the Bitcoin and converts it to cash for the seller, so the seller never actually see the Bitcoin payment, but just the cash.
"It's still a young technology in our space, but we are committed to being at the forefront to enable transactions in this way," shared Joe Curtis.
"This is great news for buyers and sellers in the Blockchain space. Cryptocurrency transactions go much smoother when escrow is dialed into this cutting-edge way of purchasing property. I am so excited to see this new payment method coming to fruition because two years ago I would try to talk to any escrow company who would listen and now that it's become more of a thing that people are realizing that they need to take a look at it," says Piper Moretti, Licensed Realtor at Christie's International Luxury Real Estate, Blockchain Advisor and Crypto Transaction Expert.
"Bitcoin's Future in Real Estate" was published in REALTOR magazine in September 2016 and stated "…there are more than 2.5 million items you can use Bitcoin to buy — including real estate. Bitcoin sites like BitPremier, which sells luxury items, continue to crop up. If a real estate agent, seller, or financial institution is willing to take Bitcoin, there's really no stopping it. Real estate agents, brokerages, appraisers, title companies, and more are stepping up to the Bitcoin plate, hoping they'll score more business by accepting this currency."
In addition, according to a The Los Angeles Times published earlier this year, several Southern California real estate brokerages announced they would also begin accepting Bitcoin as a form a payment for homes on the market.
About Glen Oaks Escrow
Glen Oaks Escrow is part of the Pango Group, a family of companies that include American Trust Escrow, CV Escrow, Escrow Trust Advisors, VOI Insurance Solutions, and Document Archive Solutions.
Pango Group has been one of the leading independent escrow resources in California for over 20 years with locations from Los Angeles to Orange County to the Coachella Valley and San Diego and owns and manages over 30 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 5th year in a row in Los Angeles.
CONTACT: Jennifer Gilbert, 818-459-1735, [email protected]
SOURCE Glen Oaks Escrow