Deedcoin, a digital currency startup that wants to disrupt real estate commissions by paying agents partly in digital currency tokens, last night began a private pre-sale of its tokens priced between $1.50 to $3.00.
The company says these tokens, based on the Ethereum cryptocurrency standard–a popular alternative to Bitcoin with some extra features–can be used by prospective property buyers and sellers to hire real estate agents across the country. Deedcoin says in a document on its website that the private sale will “conclude on either June 30, 2018 or when 40 million tokens have been sold, whichever comes first.”
The company claims that it has partnered with registered real estate agents in 28 states who have agreed to accept Deedcoin tokens as part of their payment, in addition to drastically reduced commissions paid in U.S. dollars—as low as 1 percent, according to the company’s launch website. Inman has asked Deedcoin for names of specific participated agents and will update when we receive a response.
According to Deedcoin, buyers and sellers will be