A 10 bedroom house for sale in Johannesburg that one could purchase using cryptocurrency. Picture: Broll Auctions and Sales
South Africans can now use their cryptocurrency to purchase real estate in a process that is both secure and fully compliant.
This is a first in the South African property industry and was created by a group of savvy industry insiders from Broll Auctions and Sales, Schindlers Attorneys, and Schindlers Digital Assets.
The new scheme will allow cryptocurrency holders to convert digital assets into property ownership while ensuring compliance with the country's financial regulations.
Norman Raad, CEO of Broll Auctions and Sales said that SA is emerging as a leader in adopting cryptocurrency as a viable alternative to traditional payment methods.
“We are excited to be the first to offer our clients this modern payment solution that aligns with our commitment to technological innovation in the commercial property sector,” Raad said.
“Cryptocurrency adds a dimension to real estate transactions, simplifying the process and broadening the market beyond traditional investors,” he explained.
Schindlers Digital Assets is a registered Financial Services Provider and facilitates the conversion of cryptocurrency into fiat currency with full regulatory compliance.
The company oversees the crypto payments entirely in order to make the process seamless and user-friendly.
This compliance allows buyers confidence to use digital assets like bitcoin and ethereum to purchase property investments.
Schindlers Attorneys then handles the the conveyancing and property transfer and in this way the process remained legally sound.
“Schindlers Conveyancing is uniquely positioned as the first and only conveyancing law firm in South Africa capable of lawfully handling cryptocurrency payments for property transfers,” Candice Dawkshas, CEO of Schindlers Digital Assets said.
“This collaboration is perfectly timed as digital currencies gain wider acceptance in mainstream financial systems,” Dawkshas explained.
“With more investors holding substantial crypto assets, the demand for using these assets in traditional sectors like real estate has never been higher,” she said.
Given that this is the first scheme of its kind, interested buyers wanting to use their cryto assets as payment would be at the Broll Auctions and Sales' auction in Johannesburg on November 21, 2024.
South Africans are increasingly using crypto to pay for goods and services, according to a new report by Luno.
The new report, Bridging digital and fiat - crypto’s role in modern payments, highlights the growth of crypto payments, with Pick n Pay for instance recording over R1 million in monthly sales paid in crypto from just R25,000 a year ago.
In a recent Luno social media poll, almost 40% of respondents said they used crypto to make payments. This provides an indication of how crypto is being used by those potentially more familiar with crypto than the broader public.
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