In an era where digitization permeates every aspect of our lives, the integration of cryptocurrencies is changing the way we perceive and conduct financial transactions. In this blog, we introduce the collaboration between Croatia Sotheby’s International Realty and Electrocoin Ltd., a company that has been specializing in cryptocurrency trading mediation and crypto payment processing since 2014.
In Croatia, EUR is clearly defined as the legal means of payment. To comply with this legal provision while still allowing clients to pay with cryptocurrencies, Croatia Sotheby’s International Realty has decided to partner with Electrocoin, a company that, through its PayCek platform, enables automatic and instant conversion in the payment process from cryptocurrency to EUR, thus fulfilling all required legal obligations.
Electrocoin Ltd. leads the integration of cryptocurrencies into real estate transactions. Specializing in cryptocurrency trading mediation and crypto payment processing, Electrocoin operates under the supervision of the Croatian Financial Services Supervisory Agency (Hanfa). As the first company registered in the Register of Virtual Asset Service Providers in Croatia, Electrocoin has been a pioneer in the crypto world.
With its proprietary cryptocurrency payment processing system, “PayCek,” Electrocoin, in collaboration with Croatia Sotheby’s International Realty, enables buyers to seamlessly purchase properties listed by the agency using cryptocurrencies.
Here’s how the process works:
1. Sales Agreement
The buyer and seller initiate the process by entering into a standard real estate sales agreement.
2. Assignment Agreement
Subsequently, based on the real estate sales agreement, the buyer concludes an Assignment Agreement with Electrocoin and the seller. This agreement lays the foundation for the cryptocurrency transaction.
3. Cryptocurrency Payment Instruction
Using its “PayCek” system, Electrocoin generates a cryptocurrency payment instruction tailored to the specific transaction.
4. Execution of Cryptocurrency Transaction
The buyer executes the cryptocurrency transaction, initiating the transfer of digital assets as payment for the property.
5. Processing of Transaction by Electrocoin
Electrocoin carefully processes the cryptocurrency transaction and transfers the equivalent amount in EUR to the seller’s account.
6. Confirmation and Communication
The buyer receives confirmation of the completed transaction via email. Simultaneously, the buyer informs the seller of the successful transaction.
7. Tabular Statement
Upon confirming full payment, the seller issues a tabular statement, finalizing the real estate transaction.
Integrating cryptocurrencies into real estate transactions marks a new era in the industry. Through this collaboration, Croatia Sotheby’s International Realty offers its services to a new generation of clients, ensuring fast and secure transaction processes. This represents a step forward for the Croatian real estate market.
