Gafisa, a leading Brazilian real estate developer, has started accepting cryptocurrency payments for real estate transactions, The company is accepting cryptos through local cryptocurrency exchange Foxbit.

According to a press release from the exchange, first spotted by local news outlet Livecoins, Gafisa has been studying accepting the flagship cryptocurrency as a payment method since February 2021, The company, founded in 1954 and listed on the country’s only stock exchange B3, is adding Bitcoin payments as the cryptocurrency removes intermediaries from transactions.

Real estate transactions include a number of intermediaries facilitating them. These include banks, real estate agents, payment processors, and other parties. Bitcoin allows involved parties to remove some of these intermediaries.

Gafisa’s chief executive officer Guilherme Augusto Soares Benevides, pointed to the cryptocurrency space’s growth as part of the reason for the company to consider 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.

Along with Bitcoin, the company is accepting payments in numerous other cryptocurrencies including Ethereum ($ETH), Cardano ($ADA), $XRP, Solana ($SOL), and others. In total, the company is accepting payments in 16 different cryptocurrencies.

According to the real estate developer, 1 in every 130 people in Brazil lives in a property developed by Gafisa, making it one of the largest real estate developers in the country. To buy a property with crypto, buyers must fill out a form showing their intent to do so. That form will then be thoroughly analyzed by the company before a wallet address is shared with the buyer.

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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.


Featured image via Pixabay