ForumPay, the global cryptocurrency payments technology provider, has today announced that Sotheby’s Concierge Auctions—the largest luxury real estate auction marketplace in the world—will accept crypto payments on it’s current St. Croix Auction.
The exclusive 7.76 acre private Caribbean estate of William Erbey, the primary investor in ForumPay, will be one of the first properties with Sotheby’s Concierge Auctions to be made available for purchase with the option of crypto payment.
The luxurious St. Croix property in the U.S. Virgin Islands boasts sweeping panoramic views from the Caribbean Sea to St. Thomas and with three houses and two pools, has over 11,000 square feet of living space. As well as having access to almost three dozen beaches and some of the world’s most renowned diving sites, the winning bidder will also be able to use their preferred wallet and crypto currency to pay for their new home.
ForumPay will enable the crypto payment to be instantly converted to fiat and settled to the title / escrow company in the ordinary course. The end-to-end payment process is fully transparent with no risk from potential crypto price volatility to the buyer and seller.
Josh Tate, CEO and co-founder of ForumPay said, “We are proud to be working with Sotheby’s Concierge Auctions, the world’s leading luxury real estate marketplace, on this auction to enable all high-net-worth property connoisseurs to make a secure and risk free crypto real estate purchase.”
“We’re excited to work with Mr. Erbey and the ForumPay team on the sale of this incredible property,” stated Danny Prell, Sotheby’s Concierge Auctions Vice President of Business Development. “With their combined experience in crypto and our impressive database of HNW buyers, the added benefit to accept crypto payments on this sale further widens the opportunity and ease of which any client can purchase.”
ForumPay is a complete cryptocurrency to fiat payment technology firm. Our core crypto payment gateway technology helps businesses attract new customers, optimize customer’s ability to spend and increase revenue by embracing the 350+ million crypto consumers around the world. Our wallet agnostic solution enables the entire crypto consumer community to spend with their preferred cryptocurrency from their preferred wallet for all purchases from everyday goods and services to luxury goods, automobiles, real estate and private jets. Our services eliminate the merchant’s exposure or risk by processing the transaction with instant conversion of the crypto into traditional currency. Our merchants simply receive their payments in the currency of their choice directly into their preferred bank account. The transactional experience is the same as accepting other popular payment options including cash, credit cards and bank transfers but simpler, faster and more secure.
In today’s competitive environment, ForumPay is an excellent tool for businesses to gain a serious competitive advantage with the fastest growing consumer segment in the world. Studies show that 40% of the consumers that spend crypto with merchants are new customers and spend twice the amount of money as a typical credit card consumer illustrating the attractive, affluent demographic.
About Sotheby’s Concierge Auctions
Sotheby’s Concierge Auctions is the world’s largest luxury real estate auction marketplace, with a state-of-the-art digital marketing, property preview, and bidding platform. The firm matches sellers of one-of-a-kind homes with some of the most capable property connoisseurs on the planet. Sellers gain unmatched reach, speed, and certainty. Buyers receive curated opportunities. Agents earn their commission in 30 days. In November 2021, the firm was acquired by Sotheby’s, the world’s premier destination for fine art and luxury goods, and Anywhere Real Estate Inc (NYSE: HOUS), the largest full-service residential real estate services company in the United States, holding a joint 80 percent ownership stake. Sotheby’s Concierge Auctions continues to operate independently, partnering with real estate agents affiliated with many of the industry's leading brokerages to host luxury auctions for clients. Since Sotheby’s Concierge Auctions’ inception in 2008, it has generated billions of dollars in sales, broken world records for the highest-priced homes ever sold at auction and conducted auctions in 46 U.S. states and 33 countries. The firm owns one of the most comprehensive and intelligent databases of high-net-worth real estate buyers and sellers in the industry, and it has committed to build more than 300 homes through its Key For Key® giving program in partnership with Giveback Homes™, which guarantees that for every property the company sells, a new home is funded for a family in need. For more information, visit casothebys.com.