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How Crypto Is Bringing Down the $228 Trillion Real Estate Industry's High Entry Barriers

·3 min read

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

For centuries, real estate has been one of the most consistently used and popular forms of investment, and for good reason. Real estate is a way of creating passive income, is based on a form of utility that never goes out of style, and can be passed down from generation to generation.

At the same time, real estate as an industry is not the easiest investment route to enter as there are often very high barriers to entry which are made even more complicated if the investment is taking place across countries and continents. From the high cost of outrightly buying a property to the various fees associated with investing in real estate, many people become discouraged from the industry and choose not to participate.

However, a new company has popped up with the intention of creating more access to the global real estate sector and intends to do so through the power of cryptocurrency.

The Many Barriers of Real Estate

Buying real estate involves a certain amount of financial commitment on its own, but this is further complicated by the many middlemen involved in the process. Agent fees and various other fees are often incurred when trying to buy a piece of real estate and this is even more expensive if the property in question is being bought in a different country. Then, conversion rates, international taxes, and so on are brought into the mix.

Crypto has successfully democratized many processes such as the buying of art, digital assets, and so on but now, Contra Global is working towards applying this concept to real estate as well through their innovative platform. Using their features, users can access the global real estate market with much more ease.

How Contra Global is Changing the Landscape

At the center of the Contra Global universe is the native Contracoin token (CTCN) which is a means by which property transactions are streamlined across borders. If a user in America wishes to buy a property in the United Kingdom, they will have to navigate the conversion of dollars to pounds and the fees associated with conversions but with the (CTCN) token is the same value everywhere which means buying property across borders is streamlined.

Contra Global offers a wide range of properties on its websites from across the world and all payments are denominated in the native token which users can use to make purchases and conduct various transactions.

The properties listed on the Contra Global website are of different types from condos to multi-story properties. Users can choose to view the prices in their native currency or in the CTCN token and can make payments through the website. Properties are listed from all over the world and depending on where a customer wishes to purchase a property from, they can search according to their needs. The ultimate goal of a platform like this is to make real estate purchases across the globe more streamlined and more accessible for everyone.

“Raising capital by utilizing blockchain technology to issue tokens democratizes the whole process of buying and selling real estate,” said Barry Lipscombe, CEO of Contracoin. “Removing traditionally high barriers to entry as well as intermediary fees for real estate, tokenization is an extremely attractive concept.”

Blockchain is also used by the platform to make sure that transactions are carried out with more efficiency and more speed and that there is a permanent irrefutable ledger of transactions which cuts down on the possibility of human error. The market has certainly responded positively to this as since its launch in 2018, Contra Global has been able to secure thousands of users as well as their global merchants that are attached to its parent company Contracard.

The team behind the company also consists of many professionals from real estate to blockchain to finance meaning that only the best expertise is being used to develop the platform moving forward. More announcements from the company are expected to come soon.

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.