Real-Estate Firm AQWIRE Partners with Satoshi Citadel Industries, Now Accepts Cryptocurrency PaymentsJul 11, 2018 at 23:42
Fintech start-up Qwikwire has tied up with Satoshi Citadel Industries (SCI), a partnership that will allow the former’s real-estate listing platform Aqwire to start handling crypto payment transactions which are forecast to reach $30 million or P1.60 billion by the end of 2018.
Qwikwire Founder and CEO Ray Refundo said the newly offered payment channel was meant to address requests from foreign customers, particularly from crypto exchange hubs Japan and South Korea, to be able to pay in Bitcoin or Ethereum.
“The market cap is about 200 [percent] through digital in any given time. And we can only imagine [how big] like these Koreans and these Japanese have been paying in cryptocurrencies and then they make some profits out of it,” SCI CEO John Bailon was quoted.
The partnership with SCI is expected to help Qwikwire achieve its targets, among which is its goal to tap at least 5% or $20 billion of the entire $400-billion cross-border real-estate industry.
The new services, Qwikwire said, is only the first of a series of offerings it will be rolling out on its blockchain platform.
“We’re going to launch other applications afterwards,” Refundo added. “I think we’re starting with bitcoin and Ethereum and, eventually, we’ll have Litecoin, depending with SCI.”
In a bid to expedite cross-border real estate transactions, property solutions provider Qwikwire launched this month AQWIRE, a blockchain-powered listing platform that will steer clear the hurdles foreigners face in buying properties. AQWIRE achieves this with the use of smart contracts.
Although established only in 2017, Qwikwire has already processed $16 million worth of real-estate payments.
By the fourth quarter of the year, the firm is eyeing to gain foothold in other Southeast Asian markets, particularly Thailand and Vietnam.