Glen Oaks Escrow, one of South California’s largest escrow companies, announced on Wednesday it has closed its first Bitcoin transaction.
The company, who have been officially accepting Bitcoin as a means of payment since last year, announced the sale in a press release.
For its Bitcoin payments, Glen Oaks Escrow uses payment processing service BitPay, who turn the funds into fiat currency and wire it into the escrow account. Glen Oaks sends an invoice to the buyer, who then has 15 minutes to pay with Bitcoin before the payment option expires.
The purchased property was a condo in Costa Mesa, and the transaction was processed through the Glen Oaks Escrow office in San Diego.
Chief Operations Officer at Glen Oaks Escrow, Joe Curtis, shared his excitement at the sale:
“We made the decision in 2018 to start accepting Bitcoin payments, and we are thrilled that we did. This real estate transaction exemplifies that, while a young technology in our industry, blockchain and cryptocurrencies have the potential to become a bigger part of real estate transactions. And, we’re very proud to be at the forefront to enable transactions in this way.”
Glen Oaks Escrow is part of the Pango Group, who have been one of the leading independent escrow resources in California for more than two decades, boasting over 30 offices across the state.
Crypto and Real Estate
The real estate market is slowly entering the world of cryptocurrency and blockchain transactions.
An increasing number of properties are being sold for Bitcoin — in 2017, a Manhattan Beach mansion sold for approximately 3,300 BTC ($3.225 million at the time). In late 2017, the first homes sold for Bitcoin in the UK, including a £17 million Notting Hill mansion.