FTX – one of the largest and newest crypto exchanges in the world – has partnered with Diesel Wynwood Condominium, a luxury residential apartment complex in Miami. The partnership will allow residents to pay their rents and respective living fees with crypto.
FTX Joins Hands with Disel Wynwood
At the center of the partnership is a firm known as West Realm Shires Services, a payment processing division of FTX. This company will convert any crypto used for rent payments into fiat currency to ensure apartment managers, owners, and assorted personnel receive their due funds.
Bel Invest is the development firm that constructed Diesel Wynwood Condominium. The company’s CEO Maximilian Beltrame explained in a recent interview:
We are aligned with Miami’s mission to establish itself as a national tech and financial powerhouse. With FTX as our partner, we look forward to joining key real estate players at the forefront of the digital arena while expanding investment options for our global buyers, many of whom are ‘cryptonaires.’ With all that said, this is only the beginning, with more news to come.
John “Jake” Lecce – sales manager of Diesel Wynwood – also threw his two cents into the mix, saying:
With the addition of FTX’s cryptocurrency exchange capabilities and expertise, the project continues to defy conventionality, from its design to now a swift and secure closing process for each residence.
Avi Dabir is the vice president of business development for the U.S.-based division of FTX. He stated:
Cryptocurrency and blockchain technology can play a big role in the real estate industry. Our partners at Bel Invest are forward thinking and recognize the opportunity here. We’re excited to work with them on the Diesel Wynwood Condominium to facilitate transactions in cryptocurrency.
The great thing about the partnership is that it will be pushing bitcoin and its altcoin cousins closer to reaching their initial goals. Many of these assets have taken on speculative shapes in recent years, so it is easy to forget that most of them were built to push things like credit cards, fiat currencies, and checks to the side and serve as the ultimate payment tools for those seeking goods and services.
Reaching the Initial Goals
Sadly, this has been a slow journey for many reasons, the main one being that bitcoin and its crypto counterparts tend to be rather volatile. It’s hard to predict if or when the prices of these assets will go down, and thus stores that accept crypto payments are at risk of losing profit unless they trade the crypto in for fiat right away which ultimately defeats the purpose of being open to crypto.
Diesel Wynwood Condominium is eight stories tall. The properties in the building range in price from $400,000 to $6 million. Units of several sizes – including small studios to three-bedroom condos – are available for purchase.