Buyers Take Cryptocurrency Not Cash To Miami Condos - Commercial Observer

But Property Markets Group (PMG), the corporation co-building the Miami condo/hotel with E11EVEN Partners, was in a position to structure cryptocurrency deposits to enable buyers to circumvent the dollar. Back in sunny Surfside, the 9th-floor decrease penthouse at Arte was sold for a whopping $4,440.50 per square foot in May. When PMG receives a cryptocurrency deposit, the developer sends it to the cryptocurrency exchange platform Coinbase to convert it to a Stablecoin - a cryptocurrency tied to the worth of the U.S. The 375-unit condo development is pretty much sold out, with plans to break ground in the third quarter of this year. The E11even nightclub, where the project gets its namesake, also accepts cryptocurrency as payment. By holding the deposit in money, the developer avoids the risk of fluctuating cryptocurrency values. PMG transfers that Stablecoin to a law firm which converts it to cash, which is then wired to the title corporation, according to SFBJ.

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