A London developer of rental properties will allow new tenants to pay deposits in bitcoin.

The Collective is a developer that offers dorm-like housing targeting young professionals who are just starting out their London careers. The test will be used at the Old Oak co-living development, which offers 550 rooms and shared common areas. The development was opened in May and generally requires a standard deposit of £500 for its units. The Collective will bear the financial risk on the volatile cryptocurrency, pledging to return the deposit at its value at time of deposit when the tenant successfully completes their tenure.

“The rise and adoption of cryptocurrency globally, particularly bitcoin, is a fascinating development in how people store value and transact for goods and services worldwide,” said The Collective’s chief executive and founder, Reza Merchant. “With many savers and investors now choosing and becoming more comfortable with cryptocurrency, people will expect to be able to use it to pay for life’s essentials, including housing deposits and rent.”

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