Story Highlight: –
- Dubai-funded start-up’s objectives to interrupt the conventional property asset model by digitalizing properties and compliant regarding the cryptocurrency payments.
- Real estate investors are progressively concluding property asset dealings via the cryptocurrency payments as the resources of swiftening up the procedure and cutting out the middle-men.
- Dubai-based assets digitalization start-up Xplor is observing to take advantage of on this trend by evolving of a digital brokerage podium where budding buyers can witness the property’s 3D simulation online and pay for it by cryptocurrency.
- “Our core focus is to disrupt the industry and come up with a solution which connects end-users directly with the real estate developers, cutting out all middle-men,” said Can Turkan, chief operating officer, at Ayana Holding and founding partner of Xplor, part of Ayana Holding.
He also further added out that; “We are allowing crypto-investors to pay with their cryptocurrencies and accept bitcoin, Ethereum and 70 other digital currencies. In the traditional international property investment model, investors need to visit the country where the property is and spend some time there exploring, and doing the needed paperwork. Also, there are many intermediaries including real estate developers, brokers, banks…”
Turkan further also added out that; “Typically, when paying for property remotely, there are certain limitations to transferring the money for the down payment into the country, including transaction limits.”
The current property asset model is time-consuming and expensive, according to Turkan.
Turkan also stated out that; “Cryptocurrencies can be shifted in minutes and with insignificant fees in evaluation to payments via the banks, which can take days and are expensive.”
Via the Xplor’s digital brokerage platform, to be inaugurated by October, Xplor works with a guardian bank to adapt the digital currencies into fiat currency which is then directed to the real estate developer.
Another outcome because real estate investors are preferring the payments in cryptocurrencies is that the blockchain technology behind schedule aid and acts them to operate as a digital ledger of dealings, growing transparency.
To dodge money-laundering concerns, Xplor will contract out due meticulousness and KYC procedures to specialized experts who will also overview the video verifications of potential investors.
The start-up’s model of offering out a wide-ranging assessment of the property and its backgrounds further rationalizes the property investment process by consenting potential buyers to adopt on what they require without the stimulus of brokers or developers, stated Turkan. He added that it also saves them a visit to the country.
While it is too soon to precisely quantify how cryptocurrencies and blockchain are unsettling the global real estate market, abundant reports highpoint the potential for the technology to shift the industry by formulating it more competent and modern.
Numerous real estate developers in the UAE, counting Ellington Properties, are compliant of the payment in cryptocurrencies if accomplished via the licensed brokers, Paula Wehbeh-Gambrell, chief executive officer-Strategy at Ellington Properties stated during April. In January last year, Huobi, a digital assets exchange provider, declared its alliance with Dubai-based Fäm Properties to bid the secured crypto payment opportunities for its real estate investors.