Second-homeownership platform Pacaso has announced in a press release that it will now accept cryptocurrency as a form of payment from customers.
Pacaso buys luxury homes in common vacation markets and resells them in shares to a group of second homebuyers.
Each buying party invests in its own limited liability company, the number of which vary for each property. The model allows people to have access to a second home for less money with hassle-free management.
Revenue is created through a 12 percent fee that includes finding other buyers, setting up each LLC and arranging financing, if needed. The company can also arrange interior design services and oversees repairs and ongoing owner convenience needs.
Should an LLC choose to be purchased with cryptocurrency, owners can use Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Wrapped Bitcoin (WBTC), and a number of other cryptocurrencies, including five USD-pegged stablecoins, according to the company.
Pacaso co-founder and CEO Austin Allison, who also founded popular industry transaction software Dotloop, said in the release that the alternative form of payment “is a recurring topic in our conversations with prospective buyers of second homes.”
“As we expand internationally and put second-home co-ownership within reach for more people across the globe, we’re thrilled to be able to respond to that demand and extend as many payment options as we can to our customers,” Allison said.
Property investors can partition their investment as well, using a digital currency as a down payment and traditional financing for the rest of it, or divide the costs and currencies in whatever way best suits them.
“To pay, buyers simply select their preferred wallet or exchange; choose a cryptocurrency; and either scan a QR code or manually enter payment details into their wallet,” the release stated.
BitPay will be used to process any crypto-based transactions. The software was founded in 2011 to offer individuals and business an easy way to pay with and manage cryptocurrency.
Pacaso has properties on each coastline as well as in a number of mountain resort towns popular with skiers and outdoor recreationalists, such as Aspen, Vail and Lake Tahoe.
The model, which avoids the stigma and legal hurdles of timeshares, has gained significant traction, securing another $125 million in Series C funding in September, and spawning competitors, such as Mexico-focused Kocomo.
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Craig C. Rowe started in commercial real estate at the dawn of the dot-com boom, helping an array of commercial real estate companies fortify their online presence and analyze internal software decisions. He now helps agents with technology decisions and marketing through reviewing software and tech for Inman.