Real estate investment firm KPG Funds has announced that tenants can pay rent in digital currency at 446 Broadway-L ‘Atelier. The firm will begin accepting digital currency 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. “We are now at a point with the technology where there is zero risk of price fluctuation in accepting USDC,” an Ethereum-based stable coin that represents fiat, or government money, on the blockchain. I
USDC is redeemable on a 1:1 basis for U.S. dollars, issued by regulated financial institutions and backed by fully reserved assets which are audited by accounting firm Grant Thornton LLP.
“We chose Signature Bank’s Signet network because it allows for 24/7/365 U.S. dollar transactions, allowing us to instantaneously transfer digital currency or hold it,” Kraut continued. “Bitstamp’s low transaction costs, high security and insurance made them a great fit as our exchange partner.”