Bedrijf Deposit Releases Everything Bitcoin-Related As Funding Continues

Glen Oaks began accepting bitcoin payments in 2018 and sees the loan as evidence that the value proposition of the cryptocurrency is becoming increasingly apparent to borrowers and creditors.
Glen Oaks Escrow, one of the largest independent depository companies in California, facilitated its first refinancing with a loan provided by bitcoins.
In a press release released today, the company said for the first time that the refinancing was completed with a buyer using bitcoin as collateral.
Glen Oaks began accepting bitcoin payments in 2018 and sees the news as evidence that the value proposition of the cryptocurrency is becoming increasingly apparent to borrowers and creditors.
Glen Oaks Chief Operating Officer Joe Curtis said: “the fact that someone other than a home buyer is using bitcoin in a property deal says this technology could become more visible even if it is still thought to be new to our industry.”;

It is unclear whether Glen Oaks or its customers hold bitcoin repositories used to support the loan, but it is possible to deposit and share customer access using a wallet with multiple signatures.
Prior to today’s transaction, the Glen Oaks deposit made transactions easier only when the recipient used bitcoin as a form of payment.
“The observation of a lender using cryptocurrency to refinance shows that this method of payment continues to grow in how it is used and by whom,” said Glen Oaks Chief Operating Officer Joe Curtis.
The news, however, is part of bitcoin’s broader impact on the real estate sector, as a large number of luxury properties across the US can now be purchased in cryptocurrency. 

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