Siam Real Estate has added cryptocurrency payment options, such as bitcoin, ethereum, and dogecoin, to enable Thai residents to purchase properties like houses, villas, condos, and land.
The Bangkok Post reported today that the Thai-based real estate company has partnered with the country’s largest cryptocurrency exchange, Bitkub, for the initiative.
Commenting on the development, Richard Lusted, CEO of Siam Real Estate, said the company was keen to add new technologies that would enable its clients to easily buy and sell properties.
“We are very excited to be able to offer clients of Siam Real Estate the option to purchase or rent properties by barter trading with cryptocurrencies through Bitkub,” Lusted added.
Siam Real Estate Partners Bitkub
Bitkub was selected for the initiative because the exchange has become the ideal cryptocurrency trading platform for Thai traders, due to its simple trading features and ability to process customers’ transactions faster.
The exchange is also focused on providing maximum protection for clients by deploying relevant security measures to keep users’ funds and personal information.
“Trading real estate with cryptocurrency increases accessibility for both clients and businesses because the transaction takes only a few minutes to complete, and the charge is negligible,” Atthakrit Chimplapibul, CEO of Bitkub, said.
Recall that earlier this month, Thailand’s oldest bank, Siam Commercial Bank, recently acquired a 51% stake in Bitkub for $537.17 million, which is expected to be finalized in Q1 2022.
Interested clients seeking to purchase properties from Siam Real Estate can do so via their Bitkub wallet. The requirement is for interested clients to fund their Bitkub wallets with any of the supported crypto assets and make payment for the properties by scanning the Siam QR code provided by the real estate company staff.
Surging Interest in Cryptocurrency Payments
The move to add cryptocurrency payments comes as interest in the asset class continues to surge.
As adoption surges, both retail and institutional crypto investors are exploring more ways digital currencies can be used for everyday payments, and Siam Real Estate is giving its clients the chance to do so by acquiring real estate properties with the asset class.