New York real estate buyers and sellers now have the option to use Bitcoin (BTC), Ether (ETH), and DOGE for their transactions. Algocap Real Estate announced that it will start accepting cryptos becoming the first real estate brokerage firm in the Big Apple to offer the digital payment option.
“AlgoCap Real Estate (algocap.io) is the first full-service real estate brokerage in New York City to facilitate real estate transactions using digital assets, including Elon Musk's ‘favorite’ DodgeCoin,” AlgoCap said in a press release.
The firm noted that there is a growing demand from consumers who want to use crypto for their real estate transactions. The problem is that only a few professionals in the real estate industry possess the skills needed to implement crypto payments in their real estate transactions.
“AlgoCap has the expertise necessary to structure complex transactions, including real estate tokenization deals,” the company’s founder, Max Dilendorf, said. He added that AlgoCap “can work with both U.S. and non-U.S. clients to facilitate novel digital real estate opportunities.”
Prior to founding the brokerage, Dilendorf built a successful law practice, Dilendorf Law Firm, which is known for dealing with complex cryptocurrency transactions, including asset tokenization and issuance of non-fungible tokens (NFTs). With his, he has represented a number of clients with their legal issues involving crypto-related matters.
The brokerage also uses a sophisticated algorithm designed to help clients sort through the thousands of available listings based on their preferences. “We streamline the process of finding the right property and provide clients with a snapshot of potential investments, including relevant market comps and rental trends, among other factors,” Dilendorf said.
The firm also offers real estate tokenization, which is the process of creating a virtual token representing the ownership of the real estate. This eliminates paper documents as buyers can make their purchases digitally using tokens. “AlgoCap is a boutique brokerage with the ability to work side-by-side with our clients and guide them through the whole transaction,” Dilendorf explained.