P
roperty Markets Group (PMG) has introduced a groundbreaking cryptocurrency purchasing structure for the Waldorf Astoria Residences St. Petersburg, allowing early adopters to use their unrealized gains as deposits on preconstruction real estate purchases. The Miami-based developer is leading a joint venture to build St. Petersburg's tallest and first luxury-branded building.
As part of this innovative process, PMG has partnered with Shift4, an integrated payment processing and technology solutions provider, to handle all crypto transactions exclusively. Managing partner Ryan Shear believes this novel approach will appeal to a new generation of investors seeking to diversify their asset classes seamlessly.
Prospective condo buyers can use digital currency for deposits on PMG's preconstruction real estate purchases by completing a crypto transaction addendum and connecting with Shift4 for mandatory Know Your Customer verification. The firm's in-house sales and legal teams will guide them through the process, which begins with a personalized payment link.
PMG spent significant time identifying the ideal platform and establishing a suitable payment structure, collaborating with Shift4 to unlock a new asset class for crypto holders while delivering reliability and compliance. The global financial technology company processes over $260 billion annually for 200,000 customers using more than 100 payment methods.
Shear remains unconcerned about cryptocurrency price swings, as Shift4 accepts and converts the digital currency into U.S. dollars for Old Republic Title, which then disburses the money to PMG. The developer plans to implement this payment structure across all its Florida projects, including the Waldorf Astoria Residences Miami and St. Petersburg.
Shear expects 10 sales through the platform to be considered a success, while 100 deals would be "massive" and lead to something "very permanent." Preorders for the Waldorf Astoria Residences St. Petersburg's 163 luxury condominiums began April 30, with PMG securing "a lot of sales right out of the gate" for the $500 million project.
