Real Estate firm Sansiri Pcl is partnering with XSpring Digital to accept cryptocurrencies as payments for housing at its projects.
Digital currencies, including Bitcoin (BTC), Ethereum (ETH), USDC and USDT, can be used to pay for common fees as well as central management fees through Bitazza, a Thai digital currency broker.
While foreigners are not allowed to purchase real estate with cryptocurrencies at present, Sansiri will allow it once it gets the green light from regulators.
"The strength of Sansiri is that it is the highest revenue earner in the real estate market with 34.7 billion baht collected through project developments worth 100 billion baht and more than 100,000 people in its customer database," said Srettha Thavisin, president and chief executive at Sansiri.
"As a result, we have recognised the opportunity to accept cryptocurrencies for home purchases in Sansiri projects while also allowing this payment method for central management fees at every project."
This is another step to promote revenue growth and make cryptocurrency purchases in the real estate sector a reality, especially amongst the young generations who are keen on using this technology, and to stimulate interest in the cryptocurrency market which has been growing by leaps and bounds.
"As of May 31 this year, asset transactions using cryptocurrencies increased to 1.16 million accounts," Mr Srettha said.