New Orleans-based Crescent Title LLC said Tuesday it has become the first real estate closing company in Louisiana to accept cryptocurrency for buying houses.
Crescent said it accepts Bitcoin, Ethereum, Litecoin, Dash, Ripple and Bitcoin Cash, and will look into other cryptocurrencies in the future. It also said it has one cryptocurrency-based file in the works.
Cryptocurrency is a type of digital or virtual money without a physical counterpart. It can be converted into cash.
Bitcoin, for example, is accepted by large companies like Microsoft, PayPal and Whole Foods. Some financial providers can even link up a debit card to Bitcoin for a direct conversion into dollars.
There was global skepticism about the initial viability of cryptocurrency, but lately there’s been a sea change in attitudes.
Crescent Title serves nine parishes in southeast Louisiana. It says buyers will have a wider range of options with cryptocurrency and that they “will experience a minimal difference, if any, from a traditional real estate transaction.”
The company’s announcement comes at a turning point for the New Orleans housing market, with pandemic-raised prices subsiding and Hurricane Ida stalling new listings.
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