Published 3 years ago by Rebecca Smithers

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A London property developer is to allow its tenants to pay their deposits in bitcoin – the first time the controversial virtual currency has been used in the UK residential homes market. Co-living pioneer The Collective has announced that prospective tenants can pay deposits from Monday in bitcoin. This is the first time in the UK a major property developer has enabled bitcoin payments, which it is introducing following demand predominantly from international customers. Bitcoin is the world’s first decentralised currency and is not controlled by any government or bank. However from Monday, The Collective’s online booking form for its Old Oak co-living scheme – the world’s largest co-living development with 550 rooms which launched last May and where rents start from £178 a week for a 10 sq m space – will accept bitcoin deposits. “The rise and adoption of cryptocurrency globally, particularly bitcoin, is a fascinating development in how people store value and transact for goods and services worldwide,” said the Collective’s chief executive and founder, Reza Merchant. “There may be niche parts of the market that would be willing to accept bitcoin in exchange for traditional rental income,” said David Cox, chief executive of Arla Propertymark, but I think the bitcoin and electronic currency market is still in its infancy and the market will need to develop more before it becomes a mainstream payment method for rent.” But the Collective’s head of technology, Jon Taylor, said: “One of the biggest barriers to the popularity of bitcoin is making it more consumer-friendly, and we believe this will become established as an easy and convenient way to pay deposits.”