Shortly before the end of 2017, Kanen Law Firm announced that the firm’s involvement in blockchain law would grow by creating an in-house department dedicated to alternate currency transactions. The Manhattan-based firm is reportedly one of the first to close real estate transactions using Bitcoin, the leading cryptocurrency, and has been accepting digital currency as payments since 2014.

The new practice group will represent individuals and businesses active in Digital, Blockchain and Fintech industries, with particular focus on regulatory and transactional work for blockchain, FinTech and broker-dealer clients who are implementing investment strategies and developing businesses involving cryptocurrencies, digital assets and blockchain technology or looking to invest in the sector.

The firm is banking on cryptocurrencies to revolutionize the way businesses exchange monies and close deals.

“Bitcoin transactions continue to increase in frequency. For the 24-hour period ending December 17, 2017 [the day the new practice was announced], more than 383,000 transactions were completed using this currency, equivalent of almost 16,000 transactions per hour. The average value of a transaction for this period was almost $116,000. Businesses need to recognize this and determine how working with alternate currencies would benefit them,” said firm managing partner Alexander Kanen. “With the launch of our blockchain law division, businesses that want to stay relevant and expand their payment systems now have somewhere to turn for more information on the advantages and drawbacks and how to set up a system of this type.”