The first US Bitcoin real estate marketplace is getting off the ground

• What is billed as the first bitcoin real estate marketplace for US real estate launched this week.
• “Real estate needs to change,” said the CEO of MyEListing.com.
• Texas properties were the first available on the platform, which is integrated with Coinbase Commerce.

People looking to use cryptocurrency to buy and sell real estate in the United States will soon be able to do so via a platform billed as the first bitcoin real estate marketplace in the country.

The launch of the service from MyEListing.com, a commercial real estate listing and data platform, was rolled out this week, bringing together the newest asset class with the multi-trillion dollar US commercial and residential real estate market.

Texas properties were the first to be listed this week. In June, properties in “other select states” will be listed by agents, brokers and sellers. The company in its statement did not specify which states will have listings.

Transactions can be completed within one business day, which is about 50 times faster than the current average, the company said. The marketplace is open to people worldwide and is integrated with Coinbase Commerce, a part of the crypto exchange that allows merchants to accept digital coin payments.

The platform will push innovation in both the crypto and real estate industries, Caleb Richter, CEO of MyEListing.com, said in a statement.

“Real estate needs to change. It’s hard enough as it is to buy real estate in your local neighborhood, let alone in another state or country,” he said.

Bitcoin Magazine noted that other real estate firms elsewhere in the world accepted bitcoin as payment.

The launch comes during a turbulent period for the US residential and commercial real estate market, with interest rates rising rapidly while a potential recession is looming. Median home prices in March fell the most since 2012, by 3.3% annually, according to Redfin. Meanwhile, lending standards for commercial real estate loans were expected to further tighten with a credit crunch, Bank of America said last month.

Bitcoin, which is going through a so-called crypto winter, has jumped 65% this year. It traded down slightly on Friday to $27,511. About 20% of Americans own cryptocurrencies, according to a Coinbase study conducted by Morning Consult published earlier this year.