According to a press release from Foxbit, a cryptocurrency payment gateway provider, Gafisa, one of the top Brazilian real estate developers, is now taking bitcoin as payment for real estate purchases.
The absence of intermediaries was one of the reasons for Gafisa’s bitcoin integration, according to Foxbit. Banks, real estate businesses and agents, payment processors, and other connected parties all receive a piece of the pie in the real estate market; there’s no shortage of intermediaries in a real estate transaction. Bitcoin reduces transaction costs by allowing for speedy and final payments while also removing the danger of fraud.
According to the news release, Gafisa’s decision to accept bitcoin was partly based on the disruptive character of the technology, which might lead to more innovation in the rapidly growing field.
As a result of this increase, Brazil has become one of the leading countries in terms of bitcoin usage. Not only does Brazil rank sixth in terms of on-chain value transacted, but Gafisa also houses one out of every 130 Brazilians, according to Gafisa data, making this a natural move.
Gafisa’s CEO, Guilherme Benevides, stated:
“Bitcoin is the most valuable cryptocurrency in terms of market capitalization and the most technologically advanced currency in history. It is a currency that is gaining in popularity every day, as well as broadening the range of applications for which it may be used.”
Benevides continued with, “Bitcoin follows a path of advancement,” and Gafisa believes that, given the global digital revolution presently underway, digital payments will continue to gain a stronger foothold in emerging nations.
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