May

Fad or the future? Letting agency reveals Bitcoin rent payments system

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Lettings platform Mashroom has begun allowing tenants to use cryptocurrency to pay their rent.

The online agency now accepts Bitcoin and other cryptocurrencies which it processes through a crypto payment service, converts into pounds and then sends directly to landlords.

LandlordZONE believes Mashroom is the fourth major accommodation provider to accept cryptocurrencies. In 2015 agency RE/MAX became the trailblazer, followed by London BTR property developer The Collective and in February this year Essex estate agency PropertyVine.

Despite this slow adoption, Mashroom says virtual currencies are increasing in popularity, acceptance and use at many retailers and – with lower transaction fees – cryptocurrencies are often cheaper than standard credit card payments.

For customers, the process is like paying by card, where the financial exchange is taken care of by a secure third party, before being returned to the vendor.

It adds that in the very traditional world of property, there has been a real boost in technological adoption, with many tenants and landlords now much more comfortable using online platforms.

The lockdown has also accelerated changes with an increase in video viewings and online signing.

Stepan Dobrovolskiy, Mashroom CEO and founder (pictured), says that as it’s possible to go through the whole process without stepping foot outside your door, the next logical step is to pay with digital currencies too.

He adds: “For an increasing number of renters, cryptocurrency is the payment method of choice. With such a large demographic, we have to move with the times to avoid alienating anyone, and accepting crypto payments is the natural next step for a business in 2021.”

Mashroom is encouraging tenants wanting to pay rent with cryptocurrency to encourage their landlord to sign up to the platform.

Read more about tech for landlords and tenants.

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