Gafisa, a well-known Brazilian real estate developer, has begun accepting Bitcoin as payment

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Gafisa, a significant property development company located in Brazil, is betting on the cryptocurrency market for the long run. The company has announced that Bitcoin would be accepted as a form of rent payment at its locations.

Gafisa’s commitment to providing decentralized retail payment solutions to its clients through safe, efficient, and simple transactions protected by blockchain technology is reaffirmed by this move.

The Brazilian company has teamed up with bitcoin gateway provider Foxbit to streamline the real estate transaction process and save money.

According to crypto startup Foxbit, Bitcoin will lower transaction costs by allowing for real-time settlements, minimizing fraud risks, and being a part of “disruptive technology” that will open up new business potential.

Gafisa CEO Guilherme Benevides reacted to the news, saying that Bitcoin’s popularity is growing by the day and that its applications are developing. Gafisa believes that digital payments will continue to gain traction in emerging markets.

Blockchain is changing the real estate market

Global growth patterns, such as the rise in transaction costs and new technologies of the Fourth Industrial Revolution, impact the real estate market.

Participants in the real estate market include sellers and buyers of real estate, intermediaries, developers, real estate owners, and state entities that record real estate transactions. As a result, property purchase and sale procedures are complicated, taking an average of 15 days or longer to complete.

Blockchain is becoming increasingly essential in solving frauds related to the capacity to modify ownership of objects and lowering real estate transaction costs.

Despite the market’s unpredictability, many real estate firms, including Washington-based Harbor Custom Development Inc., Dubai Real Estate Developer Damac Properties, and Luxury Miami Condominium Arte, have warmed to the idea of digital currencies and continue to use them as a medium of exchange.

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