A Texas startup facilitates the purchase of real estate using cryptocurrency.
Buy real estate using cryptocurrency in Texas
MyEListing, a new Cedar Park-based firm, has developed a website similar to Zillow where users can advertise residential and commercial properties for sale using either cash or cryptocurrency.
Using its ASAP (Accelerated Sale and Purchase) program, the platform allows vendors to complete transactions in only one business day. There are no costs associated with contacting brokers or selling homes, and buyers and sellers may sign closing documents over online Zoom conversations. Buyers’ cryptocurrency will be converted into cash through Coinbase Commerce, while Millennial Title and Championship Title will take care of the title process.
The website may now only be used to advertise homes in Texas, but the business aims to add two to three other states in June.
Caleb Richter, CEO of MyEListing.com, stated in a statement that “this initiative will drive innovation in the cryptocurrency and real estate industries.” “The real estate industry has to evolve. Buying a home in your neighborhood is challenging enough as it is, imagine trying to do it across state or national borders.”
A three-quarter acre house property near Grapevine is among the several properties already up for sale on the marketplace. It is being offered for $499,000 in cash, 17.5 Bitcoin, or 256 Ethereum. Additionally, there are two commercial properties in the Dallas-Fort Worth region that are up for sale: a Farmers Branch office building for $4.3 million, 150 bitcoins, or 2,208 ether, and a 40-acre Dallas commercial plot of property for $3.9 million, 136 bitcoins, or 1,997 ether.
Purchasing real estate with cryptocurrencies may be a tempting choice for people who have been hanging onto it and are seeking a fresh investment opportunity. The technology offered by MyEListing, which enables rapid and simple deal closure, may revolutionize the real estate sector. It will be fascinating to observe how this unique way of purchasing and selling real estate develops as the business grows to include other states.
Texas adopts a law mandating crypto exchanges to disclose proof-of-reserves
Recently, Texas enacted a measure forcing exchanges to offer accountability by displaying their Proof-of-Reserves, which is a key step towards regulating the cryptocurrency business. The HB1666 law aims to safeguard users of digital asset service providers and exchanges with a Texas presence by ensuring openness in their dealings with them.
The law applies to exchanges and issuers of digital assets that offer their services to more than 500 customers headquartered in Texas or who have at least $10 million in client funds. This action aims to ensure that exchanges that adhere to best practices preserve investors’ funds and keep them safe from fraud.
