Jamestown, a design-focused global property investment and management company, today announced that it will accept rent payments in the form of cryptocurrency through a new partnership with BitPay. The program includes Jamestown properties in the United States and an expansion plan in Europe, making it one of the largest cryptocurrency payment programs to date in the commercial real estate industry.
“Blockchain technology and the digital assets it enables, such as cryptocurrencies and non-fungible tokens, are key to the evolution of real estate,” said Michael Phillips, president of Jamestown. “Allowing cryptocurrency payments is part of our commitment to innovation and a broader digital asset strategy to optimize and maximize our physical real estate through technology and virtual integrations.”
Through BitPay, the world’s largest provider of bitcoin and cryptocurrency payment services, Jamestown will accept payment for rent 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 everyday items like food and rent in bitcoin or ethereum, and working with Jamestown allows them to not only live on crypto, but also live and work. in transformed spaces and innovation hubs across major cities,” said Stephen Pair, CEO of BitPay.
BitPay will serve as an 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 across the United States, representing approximately 26 million square feet, as well as plans to expand the company’s assets in Europe. Notable program assets include Ponce City Market in Atlanta, Ballston Exchange in Arlington and Levi’s Plaza in San Francisco.
Jamestown is also connecting retail tenants to BitPay for an elective cryptocurrency payment services program to customers, and is exploring direct deposit programs in which its employees could choose to be partially paid in cryptocurrencies.
Jamestown’s Tech & Innovation team builds strategic partnerships with innovative companies to deploy technology across its global portfolio. In addition to digital assets, Jamestown is focusing its technology investments in key growth areas including health and wellness, big data and property management automation. In 2020, Jamestown made the New Year’s Eve Ball at One Times Square virtual with a personalized 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.
About James Town
Jamestown is a design-driven, global property investment and management company with a 38-year history and a mission to create places that inspire. Since its founding in 1983, Jamestown has executed more than $35 billion in transactions. As of March 31, 2022, Jamestown had assets under management of $13.2 billion and a portfolio covering key markets in the United States, Latin America and Europe. Jamestown employs over 400 people worldwide with headquarters in Atlanta and Cologne, and offices in Amsterdam, Bogotá, Boston, London, Los Angeles, Madrid, Milan, New York, San Francisco and Washington, D.C. Current projects and previous include One Times Square and Chelsea Market in New York, Industry City in Brooklyn, Ponce City Market in Atlanta, Ghirardelli Square in San Francisco, Innovation and Design Building in Boston and Groot Handelsgebouw in Rotterdam.
For more information, visit www.jamestownlp.com.
Founded in 2011, BitPay celebrates its 10th anniversary as one of the oldest cryptocurrency companies this year. As a pioneer in blockchain payment processing, the company’s mission is to transform the way businesses and individuals send, receive and store money. Its business solutions eliminate fraudulent chargebacks, reduce the cost of payment processing, and enable borderless cryptocurrency payments, among other services. BitPay offers consumers a complete digital asset management solution that includes the BitPay Wallet and the BitPay Prepaid Card, enabling them to turn digital assets into dollars to spend at tens of thousands of businesses. The company has offices in North America, Europe and South America and has raised over $70 million in funding from leading investment firms including Founders Fund, Index Ventures, Virgin Group and Aquiline Technology Growth.
For more information, visit bitpay.com.