A groundbreaking initiative by Broll Auctions and Sales, Schindlers Attorneys, and Schindlers Digital Assets allows South Africans to purchase real estate using cryptocurrency in a secure and fully compliant manner.
This innovative approach enables cryptocurrency holders to convert digital assets like Bitcoin and Ethereum into property ownership while adhering to South African financial regulations.
Norman Raad, CEO of Broll Auctions and Sales, remarked, “We are excited to be the first to offer our clients this modern payment solution that aligns with our commitment to technological innovation in the commercial property sector.”
“Cryptocurrency adds a dimension to real estate transactions, simplifying the process and broadening the market beyond traditional investors.”
Schindlers Digital Assets, a registered Financial Services Provider, facilitates the conversion of cryptocurrency to fiat currency and ensures full regulatory compliance.
The firm handles the entire process, providing buyers with confidence and ease of use. Schindlers Attorneys oversees conveyancing and property transfer, ensuring the transactions remain legally sound.
“Schindlers Conveyancing is uniquely positioned as the first and only conveyancing law firm in South Africa capable of lawfully handling cryptocurrency payments for property transfers,” said Candice Dawkshas, CEO of Schindlers Digital Assets.
“This collaboration is perfectly timed as digital currencies gain wider acceptance in mainstream financial systems,” she explained.
“With more investors holding substantial crypto assets, the demand for using these assets in traditional sectors like real estate has never been higher.”
Interested buyers can attend Broll Auctions and Sales’ upcoming auction in Johannesburg on November 21, 2024, to utilize their cryptocurrency as payment.
A recent report by Luno, Bridging Digital and Fiat – Crypto’s Role in Modern Payments, highlights increasing crypto adoption for goods and services.
For example, Pick n Pay has seen monthly crypto payments grow from R25,000 to over R1 million in just a year.
A Luno social media poll revealed that nearly 40% of respondents use crypto for payments, reflecting its growing integration into everyday transactions. This trend is expected to surge on Black Friday, with local exchanges preparing for increased activity.
Luno also announced a rewards program where users earn Tether (USDT) instantly when paying with Luno Pay at Pick n Pay stores, offering up to 10% back on purchases.
Bitcoin reached a record high of $94,000 on Tuesday, driven by increased trading activity from institutional investors and optimism around potential policy benefits under the Trump administration.
While easing to $92,000 in early Asian trading, analysts predict further growth, with price targets as high as $154,000 based on recent trends.
As cryptocurrency gains traction globally, its role in real estate and everyday transactions underscores its potential to reshape traditional financial systems.
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