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Origin Property Plc (ORI), a mid-sized residential real estate development company, saw its shares rise more than 13% on Monday morning after announcing it would start accepting payments in cryptocurrency.
ORI shares hit a two-year high of 10.40 baht during morning trading, despite a gloomy real estate sector in the country, after the company announced it had partnered with Bitkub Capital Group Holding ( Bitkub) to accept various cryptocurrencies to help sell its low and high rise projects.
The company said it had started accepting crypto since June 4, with the aim of helping domestic and international buyers buy their units without a trace.
Managing Director Peerapong Jaroon-Ek said the move would help ORI take it to the next level and be applicable to all ORI projects. Ethereum, Tether UDS and Bitcoin would be acceptable, he said.
ORI is not the first real estate developer to announce the use of cryptocurrency. Sansiri Plc (SIRI) said on May 17 that it was looking to get into crypto and has seen its shares rise by around 38% since then.
Monday’s statement pushed ORI’s shares to the sixth most-traded stock in the morning session, with more than 82 million shares changing hands.
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