Glen Oaks Escrow becomes the first firm to process a loan backed by Bitcoin

An escrow company in the U.S. just became the first-ever of its kind to facilitate a property that is backed by a bitcoin (BTC) loan. This recent move from such a firm clearly shows that they are beginning to see the value of cryptocurrencies. 

Glen Oaks Escrow was the first to refinance with bitcoin 

Glen Oaks Escrow issued a press statement revealing the above-mentioned as they noted that refinancing has been processed with a client of theirs using bitcoin as collateral. Glen Oaks Escrow’s COO Joe Curtis said that he was excited to be a part of the transaction adding that it was a first in their organization. He also revealed that prior to this, the firm had only facilitated transactions in which the buyer used BTC as a mode of payment. Curtis went on to say that seeing a lender use cryptocurrency for a refinance shows that this payment method is continuing to grow in how it is used and who it’s used by.  

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The COO further explained that seeing someone use bitcoin in a real estate transaction is an indication that the technology has the potential to continue becoming more prominent, albeit the fact that it is still deemed as new within their industry. Curtis is pretty much optimistic about it as he looks forward to supporting more cryptocurrency transactions in the future adding that he’s proud that they’ve pioneered the way to put up systems and processes that enables them to accept it. 

While this one is already in the books, it was not disclosed, however, as to whether Glen Oaks Escrow or their client held onto the bitcoin the was utilized for the said loan. With that in mind, it is believed that both the client and the custodian have shared access to these digital funds through a multi-signature wallet. 

Utah man wants it in dogecoin 

A man from Utah, on the other hand, has recently put his home on sale and offers a 10 percent discount provided that the buyer pays him in crypto specifically in dogecoins (DOGE). The homeowner – Scott Paul has put a $389,000 price tag on his home, though as mentioned, there will be a price cut to it as long as you have some dogecoins to splurge on that property. 

It was learned that the home was previously used as a rental and the tenants have already left. This prompted Paul to put his home on the market. Paul said in an interview with ABC that the decision was pretty obvious. I have a house I want to sell, why not push it to the limit to see if I can sell it for DOGE, because we have to keep using this currency if we’re going to get it to the mainstream.

Paul also revealed that he already received a $300,000 offer in dogecoin. The said amount was pretty much way off from what he’s asking and hasn’t accepted it yet. 

Paul is the founder of the tech firm known as Wooly. He too is very much invested in cryptocurrency making him well-aware of the potential risks involved. 

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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