With cryptocurrency becoming an increasingly popular investment vehicle and mode of currency, condo developers in Miami are latching on to the idea of allowing cryptocurrency for property transactions. For instance, Arte in Surfside is accepting cryptocurrency through the blockchain and securities trading platform SolidBlock. The luxury condo project offers three to five bedrooms with areas ranging from 3,150 square feet to 7,550 square feet. Prices at Arte Surfside start at $10.3 million (or its equivalent cryptocurrency rate). In May 2021, a 9th-floor, ultra-luxury penthouse at Arte Residences closed using only cryptocurrency for a record price of $22.5 million, making it the most expensive residential crypto deal to date in the U.S. The crypto deal set a new precedent in the world of real estate closings, demonstrating convenience and speed for buyers as well as sellers.
More real estate developers are launching new condo buildings in Miami with a cryptocurrency buying process in place. For instance, real estate developer PMG is now accepting crypto for its projects such as the Waldorf Astoria Residences and E11even Residences towers coming up in Downtown Miami. E11even Hotel & Residences Miami is offering a limited penthouse collection and two presidential suites which prospective buyers can pay for with cryptocurrency.
Miami’s willingness to accept digital money in real estate transactions is attracting not just crypto millionaires from across the world to park their profits in tangible assets but also cryptofinance firms. XBTO Group, a cryptofinance firm, has purchased 5,400 square feet of office space for its new Miami headquarters at a price of $5.4 million. The offices will be located in the 51-story Biscayne Beach tower, situated at Miami’s Edgewater neighborhood. WeWork has also begun accepting Bitcoin for membership fees.
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