MyEListing Adds Crypto Support for Buying and Selling US Real Estate

MyEListing, a proptech company that describes itself  as “free commercial real estate listings and data platform,” announced recently that it had “partnered with Millennial Title, and Championship Title to create a marketplace where anyone in the world can buy and sell US residential & commercial real estate with crypto via an integration with Coinbase Commerce, and close within one business day,” according to a press release.

However, the ultimate status of Coinbase, one of the largest crypto exchanges in the world, is a bit up in the air as the company continues its attempts to get regulatory guidance on how cryptocurrencies will be regulated in the US.

The new marketplace is called the ASAP program, for Accelerated Sale And Purchase. MyEListing.com hosts the marketplace. Millennial Title and Championship Title handle the title work. Coinbase Commerce converts a buyers’ cryptocurrency payment into cash for the seller. MyEListing claims that transaction times could be up to 50 times faster than current averages, “bringing cost-saving convenience and greater accessibility to trade.”

The platform is available only in Texas at the moment, though is supposed to open in “other select states” in June 2023. The purchase audience is global, according to the company.

To work, the platform does need the smooth operation of Coinbase Commerce, which supports 10 of the most popular crypto assets, including Bitcoin, Ethereum, Dogecoin, and Tether, according to Coinbase’s website. The software provides access to a claimed “approximately 110M+ verified users, 11,000 institutions, and 185,000 ecosystem partners in over 100 countries [who] trust Coinbase to easily and securely invest, spend, save, earn, and use crypto.”

However, the foundation of crypto use and processing, at least in the US, is still murky. Companies in the industry have complained that the SEC remains unclear on specifically what cryptocurrencies and their exchanges must do to legally operate. Coinbase announced on March 22 that the SEC had sent the company a so-called Wells notice, which indicates that the agency has finished an investigation and was planning to bring formal charges against Coinbase.

Then, on April 24, Coinbase brought suit against the SEC in federal court, looking to force a “yes or no” response to a previous request that the agency “propose and adopt rules to govern the regulation of securities that are offered and traded via digitally native methods, including potential rules to identify which digital assets are securities.” In other words, that the SEC provide clear and set rules for how Coinbase and other companies in that industry can operate.