Global real estate investment and management firm Jamestown Wednesday announced it will now accept rent payments in the form of cryptocurrency through a new partnership with BitPay. The program includes Jamestown’s properties in the United States and a plan to expand to Europe.
“Blockchain technology and the digital assets it enables, like cryptocurrencies and non-fungible tokens, are key components to the evolution of real estate,” Michael Phillips, president of Jamestown, said in a press release. “Allowing for cryptocurrency payments is part of our commitment to innovation and larger digital asset strategy to optimize and maximize our physical real estate through technology and virtual integrations.”
Through BitPay, a provider of bitcoin and cryptocurrency payment services, Jamestown will accept rent payments in a range of cryptocurrencies that initially include Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Wrapped Bitcoin (WBTC), Dogecoin (DOGE), Litecoin (LTC), and five USD-pegged stablecoins (GUSD, USDC, USDP, DAI, and BUSD).
“In today’s world, customers want to pay for day-to-day items like food and rent in bitcoin or ethereum, and working with Jamestown lets them not only live life on crypto, but live and work in transformed spaces and innovation hubs across major cities,” Stephen Pair, CEO of BitPay, said.
BitPay will serve as the intermediary exchange between Jamestown and its tenants for all aspects of the rent payment program. Jamestown will not receive or hold cryptocurrencies.
The program includes Jamestown’s real estate assets throughout the United States, representing approximately 26 million square feet, as well as plans to expand to the firm’s assets in Europe. Notable assets in the program include Ponce City Market in Atlanta, Ballston Exchange in Arlington, and Levi’s Plaza in San Francisco.
Jamestown also is connecting retail tenants with BitPay for an elective cryptocurrency payment services program to patrons and exploring direct deposit programs in which its employees could opt to be paid partially in cryptocurrencies.
In addition to digital assets, Jamestown is focusing its tech investments in key growth areas, including health and wellness, big data, and property management automation, according to the release. In 2020, Jamestown took the New Year’s Eve Ball Drop at One Times Square virtual with a custom app experience that reached 3.7 million people. In 2021, Jamestown partnered with Digital Currency Group to bring One Times Square to the Decentraland metaverse.