Business
Altisource Offers Cryptocurrency Holders a Game-Changing Way to Buy Real Estate
LUXEMBOURG, Oct. 05, 2021 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions S.A. (NASDAQ: ASPS), an integrated service provider and marketplace for the real
About this update from Altisource Portfolio Solutions S.a.
[{"type":"text","content":"LUXEMBOURG, Oct. 05, 2021 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions S.A. (NASDAQ: ASPS), an integrated service provider and marketplace for the real estate and mortgage industries, announced today that homebuyers and real estate investors can buy properties marketed on Equator.com and Hubzu.com by converting cryptocurrency into dollars with ForumPay, a leading cryptocurrency payment and conversion service, that makes it easier for buyers to choose cryptocurrency as a source of funds to purchase real estate. Buyers who select Premium Title, an Altisource affiliate, as their title and escrow provider will be given an option to purchase property using cryptocurrency. If that option is selected, buyers will be directed to the third party ForumPay website where their cryptocurrency will be converted at a fixed rate and their funds will be wired directly to Premium Title or the closing attorney, where required. Until recently, the only feasible way to buy real estate with cryptocurrency was to convert the cryptocurrency into a government currency like U.S. Dollars, transfer that money to a personal account, and wire the funds the traditional way from a bank to an escrow agency. Through its arrangement with Altisource, ForumPay is offering an easier process where cryptocurrency is converted at a fixed rate and the funds are wired directly into a Premium Title escrow account, bypassing the need for buyers to hold the funds in their own bank account or place a wire themselves. Holders of cryptocurrency can buy any property on or off the MLS, Equator.com or Hubzu.com by selecting Premium Title as their title and escrow company and sending their Bitcoin, Litecoin, Dash, Ethereum or Bitcoin Cash to a ForumPay wallet for conversion. “We are thrilled to announce our arrangement with ForumPay,” said Michael Jansta, SVP of Marketing, Altisource Marketplaces. “This is a game-changing functionality at the cutting edge of crypto adoption. When the value of cryptocurrencies surge to the upside, there are many investors who look to diversify some of those gains into other asset classes. We are very excited that Equator.com and Hubzu.com are the first marketplaces where homebuyers and real estate investors of all types can use their converted crypto to buy homes and investment properties.” Altisource strives to stay ahead of the curve with r...