Major Brazilian Real Estate Firm Adds 16 Cryptos for Property Purchases

Cryptos for Property Purchases

Brazilian real estate developer Gafisa has partnered with Foxbit cryptocurrency exchange to support real estate crypto payments with 16 different tokens.

Gafisa now accepts Bitcoin, Ethereum, XRP, Solana, Cardano, and others. The firm’s CEO, Guilherme Augusto, has cited the expansion in the sector as a reason for the step.

Buyers in need of the service must fill out a form expressing intent. The document will then be subjected to analysis by the company before a wallet address is shared.

Gafisa started exploring cryptocurrency payments in February 2021, citing the use case of digital assets in removing intermediaries in real estate transactions.

The firm, founded in 1954, says that there is a lot of bureaucracy in the sector among players like banks, realtors, payment processors, and other parties involved. 

Gafisa reportedly commands a significant real estate market share in Brazil, with every one in 130 Brazilians living in one of its properties.

Source: Foxbit

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