Commercial real estate firm KPG Funds is teaming up with crypto exchange Bitstamp to offer rent payment in cryptocurrencies.
KPG Funds is a fully integrated real estate investment platform with asset management, leasing and construction management capabilities with over 35 years combined experience located in New York. The company’s mission is to acquire and reinvest in value-add, retail and mixed-use properties. KPG targets underperforming, non-stabilized properties in New York City where KPG can generate value through capital improvements and strategic retenanting.
KPG Funds will begin accepting cryptocurrency rent payments using Signature Bank and Bitstamp as its partners.
“We believe that cryptocurrency is here to stay. Tenants have started to ask for this payment solution, and we wanted to be able to satisfy their needs, “said KPG Funds CEO Gregory Kraut. “Digital currency is here to stay and will become a common payment option in the 21st century office and real estate experience. It’s not about the next year or next five years, we’re looking ahead to the next decade and beyond.”
Julian Sawyer, CEO of Bitstamp, said that by working with KPG, Bitstamp is bringing cryptocurrencies to the real estate market.
“Time and again, Bitstamp is seeing our clients use digital assets to bring new solutions to their customers, proving the undeniable growth in this part of financial services,” Sawyer said. “This turning point has been due to the trust in our systems, our availability, compliance infrastructure and global footprint – all critical ingredients for KPG as they selected Bitstamp.”
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