NEW YORK, NY - Stayawhile, a startup building a global network of furnished designer apartments, announced today that they have begun accepting digital currencies Bitcoin and Ethereum for rent payments. The company is among the first in the real estate industry to accept cryptocurrency.
Both Bitcoin and Ethereum have appreciated dramatically over the past year, leading to increased investor interest and consumer adoption. Stayawhile's adoption of cryptocurrency is aligned with the company's position as a trailblazer in the residential real estate industry and also with global trends toward mobile payments, cross-border mobility and the increased use of blockchain technology.
"As cryptocurrency becomes more mainstream, people want to spend their digital assets on real-world goods and services," said Janine Yorio, the company's Founder and CEO. "We want to transform how residential real estate is used by the modern consumer. We've already removed the fax machine, the notary and the standard, inflexible 12-month lease from the equation. Now we're modernizing payments, too."
According to Ibisworld, Americans spend over $160 billion each year on apartment rents. Although the company admits that the number of people who will want to pay with Bitcoin or Ethereum today may be relatively small, the management team believes strongly that cryptocurrency payments represent the future of not just the real estate industry but of the entire consumer landscape.
"Companies who ignore the growing consumer preference toward paying with Bitcoin and other altcoins are missing a massive opportunity," says Brett Woodward, a blockchain engineer and a member of the Stayawhile founding team.