One of Southern California’s largest independent escrow companies, Glen Oaks Escrow, has announced its first property refinancing with a Bitcoin-backed loan.
The company stated that this is the first time a refinancing has been completed using Bitcoin as collateral. In the July 28 announcement it added that it has previously facilitated a number of real estate transactions that used BTC as the form of payment.
Glen Oaks Escrow, which started accepting Bitcoin payments in 2018, views the transaction as proof that Bitcoin’s value proposition is becoming clearer to debtors and creditors. Company Chief Operating Officer Joe Curtis commented:
“Seeing a lender use cryptocurrency for a refinance shows us that this payment method is continuing to grow in how it’s used and who it’s used by.”
He added that seeing the lender rather than the home buyer using BTC in a real estate transaction “tells us that this technology has the potential to continue becoming more prominent, even if it is still considered new to our industry.”
In another crypto related real estate development, a Dogecoin aficionado from the U.S. state of Utah has offered a 10% discount on his property if the buyer pays in DOGE.
On July 27, a local TV station reported that the owner listed the $389,000 home for sale and will accept seven cryptocurrencies but prefers Dogecoin due to his belief the 10% discount would quickly be made up for by Dogecoin price appreciation. After applying the discount, the amount