Do you fancy purchasing a house or condominium with cryptocurrency? Hey, it’s been done before, but it’s not like it’s that common.
Crypto for a House: That’s a Nice Trade
Well, that may be about to change thanks to a new Canadian business partnership that allegedly allows customers to purchase homes with cryptocurrencies in less than 30 minutes. That’s right… In half an hour, you can potentially own a home by paying with digital assets.
National Digital Asset Exchange Inc. (NDAX) is a cryptocurrency trading platform based in Canada. The organization has partnered with what’s known as CLiC Lifestyles, a home-building enterprise that now accepts cryptocurrencies from customers looking to get their hands on Canadian real estate.
Bilal Hammoud, the founder and CEO of NDAX, comments:
NDAX is pleased to enable CLiC’s clients to purchase their innovative homes with cryptocurrency. By leveraging the power of blockchain technology, CLiC will have the ability to close deals in a timely and efficient manner, significantly reducing costs associated with having multiple intermediaries.
Typically, cryptocurrencies are frowned upon by most companies as a means of payment thanks to their ongoing volatility. Unless they’re stable coins – in other words, tied to fiat like USD, the yen or the euro – most digital assets are vulnerable to price swings that could see them travel very high or very low on the financial ladder.
Say you purchase $30 worth of merchandise from a client somewhere. Well, tomorrow the cryptocurrency you used to purchase that merchandise could go down in value or price. You still walk away with your goods and items, but the retailer is stuck with lessened profits. This is a case of crypto only being fair to a single party rather than both, and many merchants do not accept cryptocurrencies as means of payment.
However, all this is beginning to change with the introduction of companies like Flexa, which is now making it very easy for standard retailers in the U.S. and North America to accept cryptocurrencies. Among the merchants that have joined hands with Flexa in recent weeks include Nordstrom, Jamba Juice and Whole Foods.
This is also a growing testament to the legitimacy of cryptocurrencies, which are becoming far more mainstream. Granted people can continue to use them to purchase goods and services, cryptocurrencies will be adhering to their original purpose. Maybe then volatility will finally become a thing of the past.
The Legitimacy of Crypto Is Growing
Tyler Milnthorp, partner at CLiC, claims:
We’re thrilled to offer our clients the opportunity to purchase a home in under 30 minutes through a seamless transaction with NDAX, a regulated and secure exchange. Our goal is to revolutionize the way homes are designed and purchased by using cutting edge technology and building practices by providing a unique and innovative approach to every project.