Crypto News: RealOpen, launched today, bridges the gap between digital assets and physical goods. Using secure, proprietary software, RealOpen allows anyone anywhere to purchase or sell a home via crypto in a time when many brokerages and agents might shy away from the process. It’s the first company of its kind.
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RealOpen, launched today, bridges the gap between digital assets and physical goods. Using secure, proprietary software, RealOpen allows anyone anywhere to purchase or sell a home via crypto in a time when many brokerages and agents might shy away from the process. It’s the first company of its kind.
RealOpen works with the entire MLS inventory and off-market homes and unites buyers, sellers, and agents. How it works is after you find your home (be it on your own or through RealOpen’s platform), RealOpen will verify your crypto assets to prove you have access to the funds. Traditionally, buyers seeking to purchase crypto would have to liquidate their crypto to get a proof-of-funds letter from the bank.
Once the all-crypto offer is submitted, buyers work with a RealOpen agent to finalize contingencies, terms, and timing before the agent presents the seller with an all-cash bid. RealOpen helps buyers convert 3% of their crypto holdings into cash to enter escrow if an offer is accepted. Then, immediately before closing, the remaining 97% of the crypto offer is converted into cash.
The most exciting aspect is that sellers don’t need a digital wallet to receive funds; instead, the seller receives cash at closing. In addition, they work with highly regulated institutional partners and navigate KYC/AML requirements.
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