A New York City company is launching a portal that would allow renters using its growing apartment portfolio to pay rent with cryptocurrency, marking the expansion of blockchain technology in the local real estate market.

Stayawhile was founded in 2016, and currently operates just 16 apartments in the five boroughs, Boston and Washington D.C. The firm said Tuesday that it hopes to eventually rent out units around the world to medium-stay clients that travel frequently from city to city. To pay for their stays, which in most cases would be longer than 30 days and cost between $75 and $200 a night, these roving tenants will be able to use a new cryptocurrency Stayawhile plans to roll out this month called Stayabit, which is based on the Ethereum blockchain.

Blockchain-backed cryptocurrencies such as Stayabit and Bitcoin are not regulated by any central bank, allowing easier use across borders. Stayawhile says this will make renting easier for foreign travelers. That because the technology behind the blockchain—often referred to as the "public ledger"—allows users to see the transaction history of every bit of currency across the entire network. The company hopes to leverage this in the future by using potential renters' transaction data to assess their credit-worthiness, in place of examining local bank accounts or the credit usage and account history tracked by traditional credit agencies.

In New York City, companies and brokerages have already begun using Bitcoin as payment. However, this typically requires immediately exchanging the coins for dollars. Stayawhile, on the other hand, will hold onto its Stayabit Tokens, exchanging them into local currencies to pay landlords and utilities that don't accept online currency.