• Dogecoin ($DOGE) Can Now Be Used to Purchase Second Home Ownership Shares

  • Pacaso, a San Francisco-based startup, recently announced that it is now possible to pay for shares in single-family homes in some of the top second home destinations in the United States using cryptocurrency, including Dogecoin ($DOGE).

    Pacaso, which was founded in October 2020 by Zillow Group Inc. co-founder Spencer Rascoff and Dotloop founder Austin Allison, achieved “unicorn” status (i.e. a valuation of more than $1 billion) “faster than any other U.S. company,” according to ULTCOIN365. 

    In an interview with  ULTCOIN365, Pacaso CEO Austin Allison stated:

    “Second-home ownership was already a pipe dream for families prior to the pandemic, but that interest has only grown as Covid-19 has changed the way people work and live.”

    According to the ULTCOIN365 report, Pacaso buys single-family homes in the United States and then sells ownership shares in these properties (the minimum investment is “a one-eighth slice of the residence”). Owners of a home can book stays all year (the number of weeks they can stay depends on “the size of their ownership”), and Pacaso, interestingly, ensures that the owners’ belongings “are switched out upon arrival and departure.”

    Pacaso received $75 million in funding in March from Greycroft Partners, Global Founders Capital, Acrew Diversify Capital Fund, First American Financial Corp., and Shea Ventures. Amy Weaver, president and CFO of Salesforce.com Inc., Jeff Wilke, former CEO of Amazon Worldwide Consumer, Elie Seidman, former Tinder CEO, and Dollar Shave Club founder Michael Dubin were among the angel investors who participated.

    Here’s an example of a property that’s currently for sale on Pacaso:

    One share in this four-bedroom Californian home costs $1,263,000, as you can see.

    Pacaso does the following to assist buyers in purchasing a home:

    “For each home, we create a property LLC, find and vet co-owners, and handle all sales details.” At closing, the co-owners will have complete ownership of the home – Pacaso will have no shares.”

    And this is how it makes it possible for them to enjoy their second homes:

    “We handle the furnishings, repairs, utilities, and property management; all you have to do is show up and relax.” With our app and SmartStayTM technology, scheduling is simple and equitable.”

    Pacaso’s business model differs from the timeshare model for owning vacation real estate, as shown in the table below:

    Pacaso announced in a press release on October 20 that it will “begin accepting cryptocurrency as a payment option for ownership shares in second homes offered through its platform.” Aspiring co-owners will now be able to pay for their second homes with Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Wrapped Bitcoin (WBTC), and a number of other cryptocurrencies, including five USD-pegged stablecoins, in an industry first.”

    The press release went on to say that cryptocurrency payments would be handled by BitPay, a cryptocurrency payment processor.

    According to Pacaso’s CEO:

    “Digital currencies and the blockchains that power them are gaining traction in the real estate industry, and a crypto payment option is a recurring topic in our discussions with prospective buyers of second homes.” We’re thrilled to be able to respond to that demand and offer as many payment options as we can to our customers as we expand internationally and make second-home co-ownership more accessible to more people around the world.”

    Later, he added:

    “With the widespread acceptance of digital currencies, an increasing number of second-home buyers will demand a full range of payment options.” Pacaso is here to help you realize your second-home dreams, whether you’re HODLing Bitcoin, diversifying out of a DOGE-heavy portfolio, or somewhere in between.”

    In addition, BitPay CEO Stephen Pair stated:

    “As more crypto holders want to spend and live their lives on crypto, we are seeing more transactions for large purchases like real estate.” Pacaso makes the dream of owning a second home a reality. The market potential for cryptocurrency is enormous, with $55 billion estimated to be the value of purchases made by consumers using cryptocurrency in the next 12 months.”

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