May 15, 2020 by Clementine
Since Paypal has decided to withdraw its services on RealT, the platform tokenization of real property has recorded a new peak of purchase. According to official figures, sales in RealT jumped by 240 % in recent days.
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Paypal has bowed out
RealT is a platform for Blockchain to allow buyers to invest partly in real estate. Thus, each property is divided in a given number of units which are then tokénisées on the Blockchain Ethereum in the form of token ERC-20.
However, in April last, RealT has experienced a setback majeure after the payment solution Paypal has decided to withdraw its services from the platform. Paypal had justified its decision by referring to “excessive risks” associated with the crypto-investment proposed by a RealT.
“After conducting a review of your account, Paypal has determined that we do not provide our service due to an excessive risk. A commercial decision was taken not to process transactions in your name “, a press release from the american firm.
It should be noted that in 2019, Paypal has processed over 800,000 transactions on the platform RealT.
This unfortunate event actually resulted in an extremely value-able experiment for us, that really changed the morale of the company, during what would otherwise be a critical event.
We were forced into the experiment of “Can a business survive on crypto alone?”
— RealT (@RealTPlatform) May 5, 2020
Unintended consequences
The withdrawal of Paypal seems to have been beneficial for RealT. Since the platform only accepts payments in crypto-currencies, sales increased by 240 %. Last week, the platform has made a sale record after you have been able to get on the market a house of 233 000 dollars, ” to be the property quickly sold on Ethereum. ”
This feat is a highlight of the ever growing popularity of payments in crypto-currencies.
“The fact that RealT has been able to reach a record both in terms of sales and new registrations of users, with ONLY with the crypto-currencies as a payment mechanism, is incredibly innovative to the crypto-industry “, stresses RealT .
What do you think of the success of RealT in the sale of the units tokénisées in real estate ? Let us know your opinion in the comments section below.
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Passionate about the universe geek, Clementine finds the news more interesting and involved in their drafting. The latest articles by Clementine (see all)