Dec 1, 2017 Chelsea Roh

You Can Now Pay Your Rent With Cryptocurrency

Pay Your Rent With Cryptocurrency
ManageGo, a new york based a digital rent processor, has now begun integrating Ethereum, Litecoin, and bitcoin into their app. They will now allow their tenants to use digital currency to pay their rent, starting at the beginning of next year. The app is set to use Coinbase’s technology to convert any digital currency into USD, which will then be sent to the landlords on the platform. Here’s how paying with a cryptocurrency would work: The tenant uses either Bitcoin, Ether or Litecoin and ManageGo converts it to USD using the CoinBase technology. The landlord then receives the payment in dollars and due to cryptocurrencies high volatility, the price is locked in at the time of the payment. This app has been around for seven years but until now, there hasn’t been much demand for the service. Vice president of business strategy at ManageGo, Chaim Lowenstein, said: "We lead in innovation, so we saw bitcoin was something that's going to happen and become a standing currency sometime in the future. Right now there are types of clients we have, their tenants fit the profile, and we wanted to offer it as the new amenity beyond a fancy gym or a new couch in the building." The company is currently marketing their services nationwide and received interests from landlords, thus far. Lowenstein also discussed how ManageGo does not intend to invest or hold onto the cryptocurrencies it received but will convert it into fiat money immediately.   Lowenstein told the press at Technical.ly, "We saw we could do this and take the risk out of it by converting it.” The VP of the company believes that their adoption of cryptocurrency will help it stand out from its competitors, having realized there was interest in it when they conducted their own survey. While the market is still currently small, the company, Vision Apartments, in Switzerland has just announced they will accept bitcoins as a payment method. Featured Image: twitter

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