A Canadian rental platform recently announced that it would accept Bitcoin as a form of payment. The arrangement will see renters pay their rent in Bitcoin with the landlord receiving it in fiat currency. liv.rent, a startup based in Vancouver, has always worked to meet the community’s needs.
How The Process Will Work
According to Fuad Arafa, the Director of R&D at liv.rent, “People are requesting more choices.” He added that they were giving people a choice via the BTC payments facilitation. By allowing renters to pay rent in BTC, liv.rent will provide a bridge between the crypto world and the rental sector, where adoption of new technology has traditionally been slow.
Renters paying in BTC will find that the process works similar to other payment options accepted by liv.rent. There is a processing fee, which is 0.5% of the transaction amount. The fee is significantly lower than what credit card companies charge.
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— liv.rent (@liv_rent) May 26, 2021
To facilitate BTC payments, both landlords and the renter need to be on the liv.rent platform. When the landlord sends a payment request, the renter can scan a QR code containing the payment request’s address or pay directly via Coinbase. Once a renter pays their rent, the funds are deposited in the landlord’s account in CAD. The feature could allow landlords to appeal to a wider pool of potential tenants that are crypto enthusiasts.
The Future For liv.rent
liv.rent envisions a future where financial systems are fully decentralized, which would allow renting without borders. Besides facilitating payments, liv.rent also supports newcomers to Canada and helps them find a home in the country before they arrive. The platform hopes that the new feature will help break down barriers and give people the opportunity to fully embrace crypto by using it to pay rent.
There is currently a large pool of renters in Canada, amassing around four million. The new BTC payment option is more cost-effective compared to traditional options such as wire transfers, which could help to lower the financial barriers of renting a home in Canada.
A Short History On liv.rent
The liv.rent platform launched in 2018. Since then, it has grown to be a leader in the rental market. It has transformed how Canadians pay their rent by integrating modern technology into the process. Every step of the rent-paying process is automated via the platform, including signing contracts.
liv.rent has a goal of creating a safe and trusted community for tenants and landlords. With the use of AI and algorithms, tenants and landlords can be matched with each other. During the COVID19 pandemic, the platform has also proven to be the perfect contactless solution that allows renters and landlords to interact safely. While the platform is currently limited to Canada, there are plans to expand throughout North America in the future. Recently, the platform was launched for residents of Toronto, Canada.
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