Stayawhile – a startup building a network of designer furnished apartments all over the world, recently announced that it has started accepting Bitcoin as well as Ether for rent payments. The adoption of Bitcoin or any other form of cryptocurrency has been quite slow in the real estate world. This company’s announcement was therefore unusual and interesting.
Over the last year, Bitcoin and Ether have increased in value significantly. As a result, more and more people are taking interest in cryptocurrencies especially Bitcoin. Stayawhile is a company with a unique business model. In order to innovate constantly, it has now also started accepting these cryptocurrencies which have made it one of the very few real estate companies to do so. Moreover, the company accepts mobile payments as well as provides cross-platform synchronization as well.
According to the founder of the company, Janine Yorio, the use of cryptocurrencies is bound to increase for buying normal day-to-day goods and services. That is why, as their company innovates in the residential real estate market, they want to provide more flexible options to its customers. The acceptance of Bitcoin and Ether, is a decision towards that end. The company provides designer apartments to tenants without a mandatory lease clause. The company has now taken a step to modernize the payment mechanism as well.
As per IBISWorld, the total amount spent by Americans alone on rental apartments in a single year is over $160 billion. Even though the company acknowledges the fact that the use of Ether or Bitcoin is relatively small in this particular market, they want to use cryptocurrencies as they are the future. By adopting them early, they are looking to be ahead of the curve when more consumers in the future look to use cryptocurrencies for everyday purchases.
According to Brett Woodward, a blockchain engineer who is also on the founding team of Stayawhile, companies these days need to look at the growing preferences of their consumers and offer them services accordingly so that they are able to make use of the opportunities in front of them.