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Japanese real estate firm Open House Group now accepts XRP for property payments

Source Cryptopolitan

Japanese real estate firm Open House Group Co., Ltd. has announced that it now accepts Ripple’s native token, XRP, as a means of payment for property. According to its statement, the Tokyo-based company mentioned that it enabled the payment option to simplify the process of buying properties in Japan.

The recent development was highlighted by former Vice President of Strategy Initiatives at Ripple, Emi Yoshikawa, noting it in an X post.

The Open House Group is one of the leading real estate companies in Japan with annual sales reaching one trillion Japanese yen. In its announcement, the company mentioned that it will also be accepting Dogecoin (DOGE), Solana (SOL) and XRP.

Japanese real estate firm announces XRP payment option

In its announcement, Open House Group mentioned that the newly added digital assets will be available to be used in line with its previous payment options, Bitcoin and Ethereum. The company announced its decision to commence the acceptance of crypto payments on January 31, mentioning that it will begin with the two biggest digital assets by market cap, Bitcoin and Ethereum.

The company has been exploring the use of digital assets since 2022, including sponsoring research on Bitcoin’s lightning network. With the latest development, it seems the Japanese outfit is ready for a full experience in the sector, while giving its users a taste. The company also mentioned that it has now opened a Chinese website, where customers can also use the payment options available.

The company also added that the new payment options are available for customers to purchase the whole range of properties they offer, from residential houses to condominiums and one-room apartments. The firm mentioned that instead of seeing digital assets as speculative assets, it prefers to put it into practical use in terms of cross-border payments and micropayments.

However, Open House Group has clarified that customers who intend to use its crypto payment options should follow laws, tax laws, and other applicable laws in their country of residence when carrying out transactions. It also mentioned that the customers are responsible for their acts during transactions. It also added that depending on the country, digital assets used for payments may be subject to seizure.

Implications of the development for XRP

The announcement of XRP as one of its payment options could be a further boost in the adoption of the fourth-largest digital asset according to market cap. The token has been witnessing good fortune over the last few weeks, starting with its addition in the United States crypto reserve. On Wednesday, its CEO Brad Garlinghouse announced that the Securities and Exchange Commission was dropping its appeal, bringing an end to a protracted lawsuit.

Meanwhile, Yoshikawa says the adoption of the asset by the Open House Group is a big deal, considering that they are one of the biggest real estate companies in Japan. She mentioned that the real estate firm ranks fifth among the biggest Japanese firms by revenue. Given such a dominant position in the Japanese real estate market, users may prefer to use XRP to purchase properties, boosting its adoption and driving its value up.

Open House has major properties in key cities across Japan, while operating several businesses which include consultation, sales, development, and property management. While Open House is the latest to join the party, the trend of integrating XRP as a payment option among businesses has been ongoing for a while.

In 2023, XRP ranked among the most used digital assets for payments. The token saw a 42% uptick in use for payment transactions on BitPay, a platform used to facilitate crypto payments for businesses globally.

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