Office developer, KPG Funds is now accepting cryptocurrency payments for office rent from its Manhattan tenants. According to the company’s CEO, Greg Kraut, the move is the company’s response to customers’ requests for digital asset payments. Some clients had asked the CEO if he would accept BTC or altcoins as rent for their office spaces. The company now accepts USD Coin payments.
According to Commercial Observer, Kraut collaborated with crypto exchange Bitstamp to introduce the new payment method. KPG Fund considered USDC because it is a stablecoin backed by US dollars. He added that the preference for USDC is that the asset does not fluctuate and is insured by the Federal Deposit Insurance Corporation (FDIC).
Also, the new payment method includes the digital payment platform Signet by Signature Bank. Kraut mentioned that Signet allows conversion to US dollars.
The CEO noted that the payment platform would also allows the instant transfer or prolonged safekeeping of digital currency. He pointed out that Bitstamp is highly secured and insured. He also said that the exchange platform has low transaction costs.
Bitstamp CEO Julian Sawyer commented:
“Bitstamp is seeing our clients use digital assets to bring in this part of financial services. This turning point has been due to the trust in our systems, our availability, compliance infrastructure and global footprint – all critical ingredients for KPG as they selected Bitstamp.”
KPG Funds has joined a growing list of companies accepting cryptocurrency payments. In April, work-space sharing company WeWork announced crypto as a new form of payment.
Image Credits: Pixabay
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