KPG Funds First Office Developer to Begin Allowing Tenants to Pay Rent in Digital Currency

NEW YORK, June 7, 2021 /PRNewswire/ — Real estate investment firm KPG Funds today announced that tenants can pay rent in digital currency at 446 Broadway – L ‘Atelier.

KPG Funds, a leading commercial real estate firm, will begin accepting digital currency rent payments using Signature Bank and Bitstamp as its partners. 

"We believe that cryptocurrency is here to stay. Tenants have started to ask for this payment solution, and we wanted to be able to satisfy their needs," said KPG Funds CEO Gregory Kraut.

"We are now at a point with the technology where there is zero risk of price fluctuation in accepting USDC" said KPG Funds CEO Gregory Kraut.

USDC is an Ethereum-based stablecoin. USDC represents fiat, or government money, on the blockchain. It is redeemable on a 1:1 basis for U.S. dollars, issued by regulated financial institutions and backed by fully reserved assets which are audited by accounting firm Grant Thornton LLP.

Kraut continued, "We chose Signature Bank’s Signet network because it allows for 24/7/365 US Dollar transactions, allowing us to instantaneously transfer digital currency or hold it. Bitstamp’s low transaction costs, high security and insurance made them a great fit as our exchange partner."  

KPG’s entrance into cryptocurrencies is part of a long-term bet. "Digital currency is here to stay and will become a common payment option in the 21st century office and real estate experience. It’s not about the next year or next five years, we’re looking ahead to the next decade and beyond."

Greg Kraut