Gafisa, a renowned Brazilian real estate developer, has begun taking crypto payments for real estate sales. The company is using local cryptocurrency exchange Foxbit to take cryptos.
Gafisa has been considering embracing the flagship cryptocurrency as a payment mechanism since February 2021, according to a press release obtained by local news source Livecoins. The company, which was created in 1954 and is listed on the country’s only stock exchange, B3, is now accepting Bitcoin payments since the crypto eliminates the need for middlemen.
Real estate transactions are facilitated by a number of intermediaries. Banks, real estate brokers, payment processors, and other companies are among them. Bitcoin allows participants to bypass some of these middlemen.
The rise of the cryptocurrency market, according to Gafisa CEO Guilherme Augusto Soares Benevides, is one of the reasons the company is considering it.
“There is no way to do business without accepting crypto as a form of payment, because, in addition to representing another way that the buyer can choose to make the payment – focus on Customer Experience – the use of the currency promotes the best for our consumers.”
The organization accepts a variety of cryptocurrencies in addition to Bitcoin, including Ethereum ($ETH), Cardano ($ADA), $XRP, Solana ($SOL), and others. The company accepts payments in 16 different cryptocurrencies in total.
According to Gafisa, one out of every 130 Brazilians lives in a property created by the company, making it one of the country’s top real estate developers. Buyers must fill out paperwork indicating their intention to purchase a property with cryptocurrency. The organization will then thoroughly examine the form before providing the buyer with a wallet address.