Blockchain
Glen Oaks Escrow Announces It Assisted With Its First Bitcoin Transaction
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Glen Oaks Escrow, one of Southern California’s largest independent escrow companies, recently announced that it closed its first Bitcoin transaction.
The organization shared that the homebuyer contacted the Glen Oaks Escrow office in San Diego to inquire about purchasing a condo in Costa Mesa. Given that Glen Oaks Escrow is able to provide services in other locations outside of San Diego, Escrow Officer Doreen Tirres, successfully assisted the client with the transaction.
“Doreen was wonderful,” Buyer Ezra B. said of the 17 day escrow. “She was responsive and on top of things. She was extremely professional and I didn’t have any doubts that we would have any trouble closing this transaction. She did all the communication with BitPay which was nice.”
“We made the decision in 2018 to start accepting Bitcoin payments, and we are thrilled that we did. This real estate transaction exemplifies that, while a young technology in our industry, blockchain and cryptocurrencies have the potential to become a bigger part of real estate transactions. And, we’re very proud to be at the forefront to enable transactions in this way,” shared Joe Curtis, COO of Glen Oaks Escrow.
Glen Oaks Escrow accepts Bitcoin payments through BitPay, which acts as the payment processor in the transaction and is used to verify the funds (similar to how a bank would function). The escrow company then sends out an invoice to the buyer exactly like wire instructions would be sent. The buyer then has 15 minutes to pay with Bitcoin or the payment option will expire.
The funds go to escrow through BitPay, which turns it into cash and wires it into the escrow account. In summary, BitPay takes the Bitcoin and converts it to cash for the seller, so the seller never actually sees the Bitcoin payment, but just the cash.
The decision was made to accept Bitcoin as the payment method due to an increasing number of homes currently listed on the market that are accepting Bitcoin as a form of payment. In 2014, a Lake Tahoe home sold for 2,739 Bitcoins — the equivalent of $1.6 million at the time. In 2017, a buyer used roughly 3,300 Bitcoins to buy a Cape Cod-style mansion in Manhattan Beach for $3.225 million.
“While many are still trying to understand how cryptocurrencies fit into the real estate industry, we continue to see the growth of usage in other markets. In March, two multi-billion-dollar companies started accepting Bitcoin for payments – Avnet, a Phoenix-based electronic supplier and Digitec Galaxus AG – a Swiss-based online retail store. We are confident that this new way of doing business will increase in our industry, and we’re proud to be paving the way for this technology,” explained Joe Curtis.
SOURCE Glen Oaks Escrow
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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