Inhouse Commercial partners with FTX to process commercial real estate transactions using digital currencies
Is using the least tangible of assets one of the best ways to purchase the most tangible asset out there?
Increasingly, real estate buyers are transacting with cryptocurrency. While crypto is relatively common in the residential real estate world, commercial real estate buyers and sellers have been more hesitant. That is, until now.
Two native Miamians are bringing crypto into the commercial real estate game. Jared Robins and Alexandra Mesa run Inhouse Commercial, a retail leasing and investment sales company. They are breaking ground in the crypto space by offering two properties for purchase using cryptocurrency.
The properties, both in Miami Beach, contain a mix of office and retail space along Alton Road and Lincoln Road. “Since day one, we had the vision of someone involved in cryptocurrency taking this property,” Mesa told Refresh Miami. “It has been fun to connect the dots to make this happen.”
Inhouse Commercial is partnering with trading platform FTX to accept the cryptocurrency. Avi Dabir, FTX’s VP of Business Development and the head of the company’s Miami office, explained that the transaction process would be fairly simple. “When a buyer is ready to make a purchase, FTX US will accept the cryptocurrency, convert it to the appropriate US dollar amount and deposit it into the seller’s account,” he said. “The conversion will take place instantly to avoid any market fluctuations.”
This is far from FTX’s first foray into the real estate space. In October 2021, the company partnered with real estate development firm PMG to sell condos in Miami’s E11even Residences and the Waldorf Astoria Residences. But this is their first time offering crypto for commercial real estate transactions.
“We’re really excited about working with Inhouse Commercial,” said Dabir. “They work quickly and understand the evolving nature of how buyers want to transact. Additionally, they represent some of the best commercial properties in all of Miami Beach.”
What are the advantages to transacting in crypto? Dabir highlighted three in particular. First, trading crypto is faster than fiat and available 24/7. Second, it attracts a new type of buyer: “crypto investors have done well over the year and are looking for other asset classes to diversify their portfolios.” Third, it’s global: “a noticeable amount of international buyers are purchasing property using crypto.”
Inhouse Commercial’s Robins noted that the buyer and seller will still go through many of the same procedures as in non-crypto transactions, such as inspections and deed transfers. But crypto will speed up the closing process since there are no traditional banks involved.
“The reception has been really great,” said Robins of his company’s announcement to offer properties in crypto. “I think every listing we bring to sale should be in cryptocurrency.”
Robins hopes to eventually see retail leasing in cryptocurrency as well. “Leasing would require a little more of a commitment, since you’re going to have a buyer and seller in a monthly crypto exchange commitment.”
For now though, Robins has his sights set on leveraging the latest technology to “become a leading commercial firm in the tech real estate space.”
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