The Latest Crypto Adoption: Buyers Can Pay in Bitcoin for Manhattan Retail Properties

The Latest Crypto Adoption: Buyers Can Pay in Bitcoin for Manhattan Retail Properties

The New York-based property management company – Magnum Real Estate Group – would accept Bitcoin (BTC) as a payment method for the sale of three ground-level shops worth nearly $30 million located in Manhattan.

In addition, the Autism Science Foundation (ASF) announced it would allow people to make cryptocurrency donations. Initially, the non-profit organization would accept the following digital assets: Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), Bitcoin Cash (BCH), USD Coin (USDC), and Dai (DAI).

BTC Invading The Real Estate Industry

According to a recent report, one of the leading American property management firms – Magnum Real Estate Group – would enable buyers to use bitcoin for the purchase of three ground-level shops worth $29 million. BitPay – a bitcoin payment service provider – would process the future cryptocurrency transactions.

The shopping center, also known as CODA, is located on the luxurious part of Manhattan – 385 First Avenue. It covers over 9,000 square feet of space and consists of M&T Bank, clinic ProHEALTH Urgent Care, and restaurant Mighty Pita.

Ben Shaoul – Managing Partner of Magnum Real Estate – pointed out that his firm has experience with digital assets as it has previously sold apartments using this payment method.

In his turn, Sonny Singh – Chief Commercial Officer of BitPay – explained that potential buyers from every part of the globe, including those from Hong Kong or mainland China, can use bitcoin to purchase the property:

“The beauty of crypto is that it is a global digital asset. The buyer simply scans a QR code to pay.”

If someone pays the $29 million in BTC, the deal would mark the most expensive transaction in the real estate industry purchased with crypto. As of the moment, the record belongs to a deluxe penthouse in Miami Beach. In June this year, an anonymous buyer paid a whopping $22.5 million in digital assets to acquire the oceanfront condo.

ASF Accepts Crypto Donations

Another example of cryptocurrency adoption came from the Autism Science Foundation. The non-profit organization that supports the lives of children and adults suffering from the disease announced that it now accepts donations for its cause in seven different digital assets. Namely, those are Bitcoin, Ethereum, Litecoin, Dogecoin, Bitcoin Cash, USD Coin, and Dai.

Alison Singer – Co-Founder and President of the ASF – raised hopes that the new opportunity could turn to be highly beneficial for the people in need:

“We are thrilled to expand our fundraising mechanisms to now include cryptocurrency, which allows both individuals and corporations yet another way to make a meaningful difference in the lives of people with autism.”

She also mentioned the Wall Street Rides FAR (WSRF) fundraiser. Many prominent crypto companies such as Gemini, BlockFi, FTX, Paxos, and Fireblocks have vowed to sponsor the upcoming annual charity cycling and walking event that has raised more than $2 million for the ASF to date.

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