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FTX's first in class conversion speed

Posted by Craig Reaser on May 10, 2022 - 2:39am


FTX, thanks to its leading crypto trading platforms (think NASDAQ for digital currencies, is able to convert bitcoin or Ethereum or any other cryptocurrency into U.S. dollars in a fraction of a second through it's online exchange regardless of what that transaction is based on from a value standpoint. A Picasso-based NFT (non fungible token), the lyrics to a Bob Dylan song, or the penthouse one floor down from David Beckham. In purely real estate terms, that means a buyer from anywhere in the world can put a pre-construction deposit down on a condominium in Miami in any cryptocurrency that moves from their digital wallet to a traditional American escrow account in equivalent U.S. dollars with the swipe of an app virtually instantaneously - all while meeting AML ("anti-money laundering") and KYC ("know your customer") SEC regulations that make the transaction street legal and compliant in the first place. FTX's first in class conversion speed is what makes them the leader in the crypto marketplace, says Miguel Jr. FTX has alleviated concerns by allowing us to accept deposit payments made from all major cryptocurrencies to U.S. dollars in a matter of seconds. They're respected in the Miami brokerage community, the namesake for the Miami Heat's FTX Arena, and have appointed a special real estate focused team to work with buyers throughout their entire transaction to ensure that the process is simple and seamless so we feel confident about what we're doing and buyers can as well."  Last year, Property Market Group, became the first developer to forge a partnership with FTX and start accepting crypto for deposit at their new Waldorf Astoria Residences. A few months later, they started accepting crypto at their new E11even Residences development just up the street. Eight months later, that "proof of concept" exercise now equates to crypto deposits for more than 75 condos in both buildings totaling more than eight figures in pre-sales financing. Blockchain and digital currencies expedite the purchasing process and reduce barriers international buyers face, which is a key tool for us when developing in a growing international city such as Miami. International buyers in particular can quickly purchase a condo while avoiding international fees and bank wires, and crypto allows for the opportunity to quickly move assets from international banks and exchanges to secure American investments. "The success and record sales pace that we have witnessed at E11even Residences Miami proved to us that crypto deposits are the future of real estate and a tool that we should use across all of our projects. Being an early adaptor in any market involves risk. But partnering with a company like FTX has given us the confidence to let innovation happen while being confident that the increasing demand for crypto in Miami is here to stay. Similar to PMG, FTX has always been forward thinking and committed to growing Miami as America's crypto epicenter."