Christine Quinn, a star in the Netflix series “Selling Sunset,” has released a new crypto credit scoring program called RealScore. The system is a product of RealOpen, a real estate brokerage platform owned by the star and her husband, Christian Dumontet.
Speaking to TechCrunch, Quinn and Dumontet revealed that the scoring system targets the luxury real estate space. This aligns with RealOpen’s resolve to focus on crypto-wealthy real estate investors.
The two stated that RealScore works by considering the number of virtual currencies involved in a deal. Then, the system checks price changes to create a strength index for an offer. According to Quinn, the system helps those with a big stash of crypto “to move fast in business.”
She added, “I’m finding many clients who want to close quickly because of the volatility of virtual currencies”. Quinn noted that sellers and buyers can choose a specific timeframe of when to close an offer with the system. Quinn added that today’s generation wants “instant gratification,” which drives the need for faster settlement speeds.
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“A taxable event that can’t be undone”
Quinn compares crypto settlements with traditional paths where an offer can take up to a month before it's closed. RealOpen sellers settle in cash, which forces crypto investors to convert their holdings to fiat currencies. According to Dumontet, the conversion attracts “a taxable event that can’t be undone.” Also, buyers need to sell their crypto through a crypto exchange for the seller to evaluate their purchasing power.
Dumontet noted that selling early locks buyers out of the virtual currency market. RealScore saves crypto-centric real estate buyers from selling early until the last minute of the offer. The system thereby aims to prevent a conflict with the seller.
According to Dumontet, the system shows both parties how the prices of cryptocurrencies might change within a given timeframe. The rating also allows buyers to change the number of cryptocurrencies in an offer, or to extend the time before closure.
RealOpen handles the know-your-customer (KYC) process within minutes, reducing the closing time to merely hours. The Selling Sunset star revealed that the luxury real estate brokerage firm already features properties worth more than $150 million. Most of those listings are based in Miami, which has become a hotspot for crypto enthusiasts.
Although the firm has facilitated several transactions, Quinn didn’t disclose how many settlements involved virtual currencies. RealOpen and the crypto credit scoring system can handle all types of cryptos. Nonetheless, Dumontet observed that the leading cryptos, such as Bitcoin (BTC), Ethereum (ETH), and stablecoins, are the top choices for investors.
More real estate firms are enabling property purchases using crypto
Apart from facilitating luxury real estate transactions using crypto, RealOpen plans to allow the purchase of other properties and “all sorts of physical goods” with virtual currencies.
The RealScore crypto credit scoring system makes real estate investments easier for crypto whales. Ray Junior, a major real estate developer in Canada, is also looking to get a piece of the action by accepting virtual currencies.
Junior announced that his company, SKYBLÜ Condos Cité Mirabel, will approach Montreal fintech firm Dello to enable crypto payments for its clients. In a press release, the real estate developer observed that times are changing and “more people are turning to cryptocurrency.”
Junior explained that he stayed away from virtual currencies due to a lack of “a simple and effective” means for investors to use their crypto holdings. According to the developer, cryptos enable property buyers to bypass middlemen without compromising reliability and security. Junior added that the technology that drives crypto transactions, blockchain, is of great benefit to the real estate industry.
Canada has many reliable cryptocurrency platforms. Some notable names include Bitbuy, CoinSmart and VirgoCX.
About The Author: Emma Martin
Emma Martin writes about the curiosities of finance. Her obsession with cryptocurrency keeps her writing most days about the best exchanges and wallets, and the wild world of NFTs. Her favourite exchanges right now are Bitbuy, NDAX, and VirgoCX.
Emma also invests in the stock market using Wealthsimple Trade. Other than crypto, Emma spends her time with her dog Brutus and shopping online with her Mastercard® KOHO Prepaid Card.
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