Companies team up to convert crypto to dollars
Mortgage services provider Altisource has partnered with ForumPay, a cryptocurrency payment and conversion service, to allow homebuyers to purchase real estate with cryptocurrency.
According to its release, homebuyers and real estate investors can now convert the digital money into dollars via ForumPay to buy properties marketed on Equator.com and Hubzu (both part of Altisource portfolio of businesses).
Premium Title, an Altisource affiliate, also gives buyers an option to purchase property using crypto. Buyers who select this option will then be directed to the third-party ForumPay website, where their cryptocurrency will be converted at a fixed rate, and their funds will be wired directly to Premium Title or the closing attorney, where required.
Altisource said that this eliminates the need for buyers to hold the funds in their own bank account or place a wire themselves.
“We are thrilled to announce our arrangement with ForumPay,” said Michael Jansta, senior vice president of marketing for Altisource Marketplaces. “This is a game-changing functionality at the cutting edge of crypto adoption. When the value of cryptocurrencies surges to the upside, there are many investors who look to diversify some of those gains into other asset classes. We are very excited that Equator.com and Hubzu.com are the first marketplaces where homebuyers and real estate investors of all types can use their converted crypto to buy homes and investment properties.”