An El Segundo, California-based startup has brought cryptocurrency home sales to Dallas-Fort Worth, with plans to sell a North Dallas house after fixing it up and readying it for a would-be buyer.
Aperture Real Estate Ventures has launched its Property Coin concept in North Texas, giving home buyers the opportunity to buy an upgraded home in the hot North Texas housing market on an electronic dime by using Property Coin, bitcoin or ethereum.
Property Coin offers investors the ability to buy into a fund backed by the company’s housing portfolio of fix-and-flip housing. Property Coin is built on ethereum, which is a blockchain platform.
"This is our first home in Dallas, but we are targeting the Dallas market with plans to buy 10 to 30 homes a month once we scale up," said Rudy Cortes, a co-founder of Aperture Real Estate Ventures.
Nationally, the volatile bitcoin currency has already been involved in a handful of real estate deals, including this deal in Florida, but this method of using cryptocurrency to sell a home hasn’t been widely used by real estate brokerage firms.
The most expensive bitcoin-to-bitcoin real estate deal traded last month in Miami, when investor Michael Komaransky sold a 9,400-square-foot mansion in Miami for 455 bitcoin. At the time, this equated to roughly $6 million, according to The Real Deal.
Once Property Coin launches under security token PCX, the coin will sell for $50 at its initial offering on Feb. 26.
Cryptocurrency investors in the United States must acquire a minimum of $1,000 worth of coins, while investors outside the U.S. can pick up Property Coin with an investment of $100.
Aperture Real Estate expects to put the North Dallas home on the market in early April for a yet-to-be determined sum.