Aug

‘Soon millions of tenants will pay their rent via crypto currency’, claims tech CEO

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Recently-launched digital lettings platform Rentible is about to launch an app that will enable tenants to pay their rent in crypto currency to landlords.

And although many LandlordZONE readers may consider the world of crypto best left to speculators and blockchain geeks, Rentible reckons its app is at the vanguard of a digital renting revolution.

The Budapest-based company says this includes revolutionising how rent is paid, deposits are taken, contracts drawn up and references taken, all using its own blockchain-based secure currency platform.

CEO Dror Luup says Rentible can also be used to solve tenant/landlord disputes, help international student rent in the UK more securely, prevent rent fraud and enable landlords with large portfolios or properties with multiple tenants such as HMOs to streamline their businesses.

For example, Action Fraud recently warned that in the four years to March 2018 (its latest data)the organisation received 18,645 reports of rental fraud, with victims losing an average of £1,396 each. This includes where tenants are lured into paying deposits for properties that don’t exist.

Rentible says its tech is not just for geeks and that its app is easy to use regardless tech background, and is already being piloted with the UK version of US firm RoomMates.

“While the essence of the property industry focuses on assets and properties, Rentible focuses on people,” says Lupu (pictured).

“Be it landlords, who rent out rooms in their properties to unknown people and suffer from lack of control over the screening process of their tenants, or be it tenants, who in most cases move into a flat and share it with people they have never met before or know very little about, in a neighborhood or country they never visited.”

Rentible is to launch its payment system, which will use its own ‘renting’ crypto currency called RNB, by the end of Q3 this year.

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