Although many companies and investors examine cryptocurrencies and their possible regulations, others continue to take advantage of crypto payments in their stores. In the South African region, cryptocurrencies are being adopted for payments in restaurants, small businesses, and online commercial stores has increased. A real estate service company has joined in this streak of crypto adoptions by allowing crypto deposits for the payment of rent.
A finite number of tenants in South American apartments will now pay their rent using the cryptos of their choice. This could lead to huge benefits for people who have become familiar with crypto transactions.
Quorum Holding drives crypto payments within South Africa
Commercial real estate company Quorum Holdings is in command of crypto payments and trying to develop some business plans. The company wants to create a residential program in Johannesburg, the most populous city in South Africa, called “Forest View.” The leases will start at 5,350 South African Rand, and the crypto platform Luno will be used in this national plan.
Saul Mayers announced the “Forest Views” plan. Depending on how it is received, it could be expanded to other residential areas. Mayers reveals that crypto payments could reach Cape Town quickly.
The Quorum Holdings agent also clarifies that users will use Bitcoin and Ethereum to pay for the services. These payments in cryptocurrencies can be taken as a clause for the lessor because they will be certain that their money is in a reliable wallet.
Crypto volatility effect on rent payment
The advisor to the company that promotes crypto payments in Southern Africa believes that the crypto volatility will not affect the rental service. Mayers clarifies that crypto volatility losses will be on the tenant’s side rather than the person making the transaction. When the user leaves the property, the lessors keep the tokens in their wallets and expose themselves to these possible losses.
Mayers adds that the tenants at Quorum Holdings are often young professionals interested in this new payment model. These tenants at the real estate agent may use their cryptocurrency holdings to pay for their assets, according to Mayers.
Quorum Holdings targets top cryptocurrencies for crypto payments on its platform. This new Bitcoin adoption could increase the token’s value trading today over $45000, as indicated by CoinMarketCap. Ethereum also maintains its bullish streak, trading above $3000.
The rent payment in cryptocurrencies has been used in several countries, including the United States, where several agencies accept them. It may be time for South Africa to join the new wave of crypto adoptions using it in various ways. Authorities faced with the regulation of crypto in the country have not commented on this new use of cryptocurrencies.