Even though it has only been a few years since the conception of cryptocurrency, it has already become possible for us to buy almost anything digitally. And now it has become possible for us to pay our rent through this medium as well.
ManageGo, a New York company that provides payment and maintenance scheduling services online for landlords and tenants, has integrated the use of cryptocurrencies like Bitcoin, Ethereum and Litecoin into their platform.
Using Coinbase, a cryptocurrency broker, the app will convert digital currency into U.S. Dollars and then send it to the landlords or managers who use the platform alongside their tenants. Although there hasn’t been much demand to pay rent via cryptocurrency, Managego believes that will change.
Chaim Lowenstein, vice-president of business strategy at ManageGo, said that landlords have already begun to express interest in the new system. The company has already begun marketing the idea across the rest of the nation hoping it will catch on soon.
To start with, the system will probably be for a very specific type of tenant such as those in the technological or finance industry, and then slowly spread out to more of the general public.
You should note that ManageGo is not the only company that is using platforms like bitcoin to pay rent. VisionApartments, a Switzerland based rental company, announced that it too would be accepting bitcoin as a form of rental payment. However, unlike ManageGo, it will only accept the cryptocurrency for its own properties.
So what does this mean for the future? Well, since this app has proven it possible to pay through cryptocurrency, you can be sure that other companies will soon follow. While cryptocurrency-friendly rent programs are rare, companies like ManageGo have paved the way for others to follow. So don’t be surprised when one day rent payment becomes as easy as pressing “OK”.