Gafisa, one of Brazil’s largest real estate developers, now accepts bitcoin for real estate transactions through a partnership with Foxbit.

  • Brazilian real estate developer Gafisa now accepts bitcoin as payment for real estate transactions.
  • In order to bring bitcoin to its customers, Gafisa has partnered with a cryptocurrency gateway provider known as Foxbit.
  • Bitcoin improves real estate transactions by enabling fast and final settlement of transactions, low fees and the elimination of intermediaries

Gafisa, one of Brazil’s largest real estate developers, now accepts bitcoin as payment for the purchase of real estate, according to a press release from Foxbit, a cryptocurrency payment gateway provider.

Foxbit said one of the reasons for Gafisa’s bitcoin integration was to cut out middlemen. In the real estate market, many entities get a piece of the pie, whether they are banks, real estate companies and agents, payment processors or other involved parties; intermediaries are not lacking in a real estate transaction. Bitcoin helps reduce transaction costs with quick and final settlements while eliminating the risk of fraud.

The press release said Gafisa’s decision to accept bitcoin was also largely based on the disruptive nature of the technology which can open up opportunities for new innovations in the growing industry.

This growth has seen Brazil become one of the leading countries for bitcoin adoption. Not only does Brazil rank sixth in terms of on-chain value in a Chainalysis report, but Gafisa is home to 1 in 130 Brazilians, according to Gafisa data, making it a natural progression path.

“Bitcoin is the largest cryptocurrency by market value and, technologically, the most ballasted currency in history,” said Guilherme Benevides, CEO of Gafisa. “It is a currency that is gaining popularity every day, also expanding the possibilities of its use.”

Benevides continued to explain that bitcoin is following a path of progression and with the digital revolution the world is currently experiencing, Gafisa believes that digital payments will continue to acquire an increasingly higher level of presence in emerging economies.

“There is a natural tendency to digitize payments,” Benevides explained. “If we stop thinking that the Central Bank will launch the digital real in 2022, we can conclude that in fact, digital currencies are increasingly present in the world.”

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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