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Property Markets Group (PMG) had no plans to take crypto as a down payment for its latest round of luxury condos in Miami. The New York-based developer’s hand has been forced.
PMG began accepting cryptocurrency this week for deposits on sales at E11EVEN Hotel & Residences, a luxury real estate skyscraper in downtown Miami. Turns out CEO Kevin Maloney retains personal crypto holdings – but Maloney’s go-ahead for PMG came right after demand from buyers.
“It wasn’t us who sat down and said, ‘Okay, let’s help crypto and make it more valuable,” Maloney told Crypto Investor. “We’re getting questions and requests on this, so we sat down and thought. ”
Maloney sees this development as a small step towards crypto becoming more widely accepted in real estate. Former financial market participants are keeping a close eye on the blockchain real estate space, a sign of more widespread adoption in traditional asset classes
Securities companies, he said, remain cautious about cryptocurrency transactions, so PMG plans to use a law firm to accept and convert crypto deposits to fiat.
Maloney said he plans to expand crypto adoption to other projects and other parts of the buying process if sales at E11EVEN are successful.
“I think it will be relatively smooth, because it’s really not that complicated,” he said. “Someone is starting with Bitcoin, before it gets to the title company, it’s money. I don’t know if there is really any significant complexity here… You are just helping a buyer who wants to pay in crypto and doesn’t want to write a check Right? For whatever reason. That’s all it is.
PMG’s move is symptomatic of two broader trends: the growing interest in crypto real estate space and the industry’s continued membership in Miami.
In April, Minnesota real estate company Nolan Reynolds International (NRI) announced that it was planning a $ 240 million real estate investment trust for its planned Thesis project, also in Miami.
“I think Miami is a bit of a rogue city, that’s okay,” said Maloney. “I think they want to become a crypto capital.”
Maloney said he expects adoption to be slow, but steady.
“I would love to do a whole bunch of it through crypto. I would really love to get into doing crypto closings. And I think we will,” he said. “If there was an element of risk in this process, I would tell you it can’t happen. But there is nothing here.”
Property Markets Group (PMG) had no plans to take crypto as a down payment for its latest round of luxury condos in Miami. The New York-based developer’s hand has been forced.
PMG began accepting cryptocurrency this week for deposits on sales at E11EVEN Hotel & Residences, a luxury real estate skyscraper in downtown Miami. Turns out CEO Kevin Maloney retains personal crypto holdings – but Maloney’s go-ahead for PMG came right after demand from buyers. Subscribe for the full article
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