SAN DIEGO—Cryptocurrencies are still in their infancy as a form of payment since ownership rates of this technology is still very low, but it is an emerging market, and companies are positioning themselves to be players in the space, Kevin Nolen, senior associate with Cushman & Wakefield, and Alexander Pellegrino, a partner with Sequoian Investments, tell GlobeSt.com. Sequoian recently brought to market for sale a residential development site at 1942 Boundary St. in one of North Park's largest undeveloped vacant lots, which is ready for medium density housing; the owners will be accepting digital cryptocurrency as payment from prospective buyers in the form of either Bitcoin or Ethereum, and Pellegrino believes the transaction may be the first commercial real estate development ever offered for cryptocurrency anywhere in the world.

“Our strategy in accepting cryptocurrency is to simply offer buyers another means to acquire real estate in a manner that can also be much faster and more efficient than traditional deals,” said Pellegrino in a prepared statement. He added that his firm believes cryptocurrency could become more commonplace, and while there is certainly some volatility risk in cryptocurrency, “as sellers, we're willing to absorb some of that risk in exchange for reaching the widest buyer pool possible that is also secure and fully transparent for them.”

Nolen, who, along with colleagues Tim Winslow and Jason Kimmel, is marketing the property for sale, said Sequoian is “making a major push toward blockchain technologies and the digital-currency community, which is really a new-age approach.”