Click here for the latest news about cryptocurrencyDigital rent processor ManageGo is incorporating bitcoin, litecoin and ethereum into its payment app.
This means that rent can soon be paid with the use of cryptocurrencies.
Using Coinbase's application programming interface (API), the app will transform any digital currency sent as payment into U.S. dollars.
This will then be sent to the landlords who use the platform to manage relationships with their tenants.
In a report, ManageGo vice president of business strategy Chaim Lowenstein said the company does not intend to invest or hold the cryptocurrencies.
They will instead immediately convert into fiat money.
“We saw we could do this and take the risk out of it by converting it.
“It would be like if someone wanted to pay with marbles and we could convert marbles overnight,” he said.
The firm does not own any or manage any properties outright.
Instead, it runs a payment and maintenance platform for landlords and tenants.
Lowenstein said the company thinks integrating cryptocurrencies will help it gain prominence.
They realized there would be interest in the additional payment options after conducting surveys.
"We thought this would be a next-level amenity," Lowenstein said.
While cryptocurrency-friendly rent programs are unique, Switzerland-based VisionApartments announced it would take bitcoin as payments.
Unlike ManageGo, that company only accepts the cryptocurrency at its own properties.