MIAMI – FTX, a U.S.-regulated cryptocurrency platform (that is slowly becoming a part of Miami’s vernacular due to becoming the new name of Miami Heat’s arena, FTX Arena), is making headlines once again — the company has announced its first real estate partnership will be with E11EVEN Hotel & Residences Miami.
The cryptocurrency platform will be the only platform handling cryptocurrency conversions for the luxury high-rise’s deposits and residential transactions, marking the platform’s first real estate partnership since its inception.
The condominium, E11EVEN Hotel & Residences Miami, is currently being built in Downtown Miami’s Park West District and is being developed by national developer PMG and E11EVEN Partners, the group behind the nightlife venue, E11EVEN Miami.
According to developers, the new partners have already made their first sale for the high-rise completely through cryptocurrency.
“As FTX continues to grow its presence in the Miami area, we couldn’t think of a more ideal time to work with such a prestigious cryptocurrency exchange platform,” says Ryan Shear, Managing Partner of PMG, and co-developer of E11EVEN Hotel & Residences Miami. “We foresee this partnership with FTX bringing increased security for our cryptocurrency payment processes offered to buyers due to their extremely diverse portfolio and impressive experience.”
Back in June, PMG announced it was the first U.S. real estate developer to accept cryptocurrency for condominium deposits in pre-construction projects through E11EVEN Hotel & Residences Miami. Before this, E11EVEN Partners announced in April that it would begin accepting cryptocurrency for transactions at E11EVEN Miami.
According to developers, E11EVEN Hotel & Residences Miami will feature 375 fully furnished residences, and its amenities will include “celebrity-chef dining experiences throughout the property, a casino-style sports lounge, an E11EVEN’s Members rooftop experience, and a world-class wellness center.”
Residences start at $300,000.