A property development company in London has recently announced that it will begin accepting Bitcoin from its tenants. The Collective is now accepting rental deposits in Bitcoin, and has said that tenants will be able to use the digital currency to pay their monthly rental payments beginning later this year. According to a report in The Guardian, the company is now the first property developer in the United Kingdom to accept Bitcoin.
The Collective’s decision was reportedly motivated by requests from the company’s international clientele, and its recognition of cryptocurrency’s growing acceptance around the world. As company founder and CEO Reza Merchant noted,
“The rise and adoption of cryptocurrency globally, particularly bitcoin, is a fascinating development in how people store value and transact for goods and services worldwide. With many savers and investors now choosing and becoming more comfortable with cryptocurrency, people will expect to be able to use it to pay for life’s essentials, including housing deposits and rent.”
The Collective’s Old Oak is an innovative “co-living” rental development that combines private rental rooms with a variety of shared common rooms – including a restaurant, bar, library, gym, laundry, cinema, sauna, and more. It has a 546-person capacity, with rooms spread across its 10 floors. The standard deposit is £500, and the Collective has vowed to honor the fiat value of that deposit when it is returned to the renter at the end of the tenancy period.