AQWIRE x SCI: First Crypto Property Payment in Asia

Qwikwire partners with SCI (Satoshi Citadel Industries) to process the first crypto property payment in Asia!

Innovation is taking two things that already exist and putting them together in a new way.
Tom Freston, Founder, MTV

Blockchain, as mythical and as magical the technology may sound, is actually fairly simple:

‘A block is a record of new transactions (that could mean the location of cryptocurrency, or medical data, or even voting records). Once each block is completed it’s added to the chain, creating a chain of blocks: a blockchain.’

Real Estate, on the other hand, is an industry that has been around for centuries. It has witnessed several technological break through and advancements. You’ve probably heard of the old adage: “Real estate is an imperishable asset, ever increasing in value”. However, the process of acquiring and selling properties have seen little innovation throughout the years.

More importantly

Some enterprises mandate their buyers, even the foreign ones, to open a bank account in the country and issue dozens and dozens of post-dated checks.

Post-dated checks in an era of paperless payments. Imagine that.

With the advent of new technology and the emergence of Blockchain, greatly influenced by cryptocurrencies’ rise, it is only but logical and practical to adapt these new technologies to alleviate the burdensome process of acquiring real estate, whether locally or internationally.

This is the very reason we’ve built AQWIRE, a global property marketplace powered by smart contracts, it’ll be a platform where all the major players involved in a real estate transaction are readily available for everybody. Making the whole process smoother, more convenient and cost effective.

In addition, to strengthen and grow the AQWIRE platform and community, we are really eager and proud to announce that we’ve partnered with one of the biggest blockchain companies in the Philippines: Satoshi Citadel Industries (SCI)

Through this partnership, AQWIRE will be able to process real estate property payments like reservation fees, monthly amortization and association dues using different cryptocurrencies like Bitcoin, Ethereum and Litecoin.

With this added payment option, our foreign buyers and OFW’s alike will now have more freedom to choose the kind of payment method they want to use. They will not be tied down to the old, sluggish and expensive ways of paying for their properties.

Furthermore, this brings our crypto community to the forefront of real estate, people who have had tremendous upsides and would like to diversify their assets are certainly free to use the platform and acquire properties from the different parts of the world.

We are also hopeful that through this deal, we can give our property developers, agents and brokers the additional tools they need to help them with their jobs. By merging both the crypto space as well as the real estate industry, we are opening new doors for growth and development, not just in additional potential sales but also in speeding up the different processes involved in a real estate acquisition.

CEOs John Bailon (SCI) and Ray Refundo (Qwikwire), together Scott Yu (AQWIRE Developer and Qwikwire Co-Founder) and Miguel Cuneta (SCI Chief Community Officer), shaking hands after formally signing the documents.

Attended by various members of the press, and the parties’ executive teams, the deal was finalized last June 26th at a contract signing event held in Acceler8.ph.