In BriefA landlord/tenant interface platform is giving tenants the ability to pay their rent using cryptocurrencies. The app converts the cryptocoins into U.S. dollars before depositing the money into landlords' accounts.
ManageGo’s online platform connects building managers/landlords and tenants, who can use the platform to pay their rent digitally (among other interfacing features). Now, the New York City-based company says they have begun integrating cryptocurrencies into their service, giving tenants the option of paying rent with crypto.
ManageGo says they will not hold the cryptocurrencies but simply convert the bitcoin, litecoin, or ether into U.S. dollars. The platform will utilize Coinbase’s application programming interface (API) to get real-time exchange rates to ensure both tenants and landlords receive accurate conversions.
“We saw we could do this and take the risk out of it by converting it,” ManageGo vice president of business strategy Chaim Lowenstein told Technical.ly. “It would be like if someone wanted to pay with marbles and we could convert marbles overnight.”
The company does not manage properties on their own; they simply act as a conduit between landlords and tenants. Giving tenants the option of paying rent with crypto is another feature designed to help facilitate that process.
Each new outlet that decides to accept cryptocurrencies increases their legitimacy.
Square recently integrated cryptocurrency-based functionality into their Cash app, which users can now use to buy and sell bitcoin. London-based startup London Block Exchange is attempting to make it easier for people to use cryptocurrencies for daily transactions by introducing a Visa debit card that pays retailers in pounds but deducts the value from the user’s registered crypto wallet.
We are a long way away from crypto holders haggling on Craigslist to exchange bitcoin for pizza. The first real estate transaction using only bitcoin was recently completed in Texas, and major retailers are beginning to accept cryptocurrencies as payment.
No longer a novelty, blockchain-based currencies are well on their way toward mainstream acceptance.
Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.