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Tag: Exchange

  • Former FTX execs launch exchange in wake of fraud scandal

    Former FTX execs launch exchange in wake of fraud scandal

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    Former FTX executives, including a witness against Sam Bankman-Fried, have launched a new crypto platform called Backpack that pledges transparency.

    According to the Wall Street Journal report, Can Sun, the former general counsel for FTX and a key witness in the trial of founder Bankman-Fried, is behind the new venture.

    A beta version of Backpack is expected to launch soon.

    The project will be operated by Dubai-based startup Trek Labs. It also plans to introduce a more secure and transparent trading model, leveraging lessons learned from the collapse of FTX. The platform is centered around “self-custody” wallets using multiparty computation for enhanced security.

    Sun, the brainchild behind the initiative, alongside another ex-FTX employee Armani Ferrante, is driven by the vision of restoring trust in the crypto market.

    Backpack Exchange is reportedly banking on a novel approach to trading with a system that requires multiple parties to approve transactions, thus giving users more authority and visibility over their assets.

    The exchange will reportedly allow users to keep their assets in a proprietary self custody wallet that it can’t unilaterally access. According to Sun and Ferrante, the new approach aims to mitigate the risks associated with centralized control over funds, a significant concern highlighted by the FTX debacle.

    The exchange has a valuation goal exceeding $100 million for a 10% stake. Besides Sun and Ferrante, there are several other former FTX employees with roles in the new platform, including Sun’s former deputy, Claire Zhang.

    Sun has been transparent regarding his role at FTX and cooperated with Dubai’s regulatory bodies, adding what some feel is a layer of credibility to the endeavor.

    In the aftermath of the FTX debacle, he signed a nonprosecution agreement with U.S. authorities, and on Oct. 19, testified against his former boss.

    On his part, Ferrante leads the British Virgin Islands-registered holding company for the new project. He brings experience from his tenure at FTX and his work with digital currency wallets.

    In September 2022, his company raised $20 million in an investment round hemmed by FTX. However, Ferrante claims the company lost all the funds following the fall of FTX.


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    Julius Mutunkei

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  • The fall of FTX: A tale of hubris in the crypto world | Opinion

    The fall of FTX: A tale of hubris in the crypto world | Opinion

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    Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial.

    In the world of technology and cryptocurrency, a world where everyone seems to be a “founder”, “leader” or “entrepreneur”,  one word that seems to persistently hover in the atmosphere is “arrogance.” It’s as if the very essence of innovation and disruption is interwoven with an air of invincibility, a sense that the old rules don’t apply to the new kids on the block. This arrogance often leads to the downfall of promising companies, and FTX, a once-prominent player in the crypto space, serves as a stark reminder of the perils of hubris.

    FTX, a cryptocurrency exchange founded by Sam Bankman-Fried and Gary Wang in 2017, rapidly rose to prominence within the crypto community. With its sleek user interface, diverse range of offerings, and innovative trading products, it captured the imaginations of traders and investors worldwide. However, beneath the glossy exterior was a hubristic approach to risk management and governance that eventually led to its downfall.

    The arrogance that festered within FTX can be traced back to several key aspects of its operations. Firstly, the exchange’s approach to risk management was anything but conservative. In a market notorious for its volatility and unpredictability, FTX engaged in high-risk trading practices that made it susceptible to devastating losses. Leverage trading, where users could borrow capital to increase their exposure to the market, was offered at eye-watering levels.  This reckless approach to risk became a ticking time bomb, as traders were allowed to place bets far beyond their means, putting their entire portfolios and, in some cases, their financial stability at stake.

    The hubris also extended to FTX’s governance structure. While the crypto community often touts the benefits of decentralization, FTX’s approach to decision-making resembled the dictatorial power of a Silicon Valley CEO. Sam Bankman-Fried’s role as both CEO and majority shareholder granted him an astonishing level of control over the company. Decisions were made without the consent or input of the community or subject matter experts, leading to a lack of transparency and accountability. This lack of democratic governance was not only concerning; it was a glaring example of arrogance and a disregard for the very core principles that underlie the blockchain and crypto movement.

    Furthermore, FTX’s willingness to engage in ventures outside of its core business was a testament to its hubris. The exchange ventured into realms such as sports sponsorship, acquiring naming rights to the Miami Heat’s basketball arena, and seemed to be more concerned about becoming best friends with politicians and superstars. While diversification is a common strategy in the business world, these ventures, although seemingly unrelated to cryptocurrency trading, diverted resources and attention away from the core business, leaving FTX vulnerable to market shifts and unforeseen challenges.

    The fall of FTX serves as a cautionary tale for all those who believe that they are immune to the laws of financial gravity. In the fast-paced world of technology and cryptocurrency, arrogance can be a double-edged sword. On one hand, it can drive innovation and inspire individuals to take bold risks. On the other, it can blind them to the very real dangers that lurk in the shadows.

    To avoid the pitfalls of arrogance, it is crucial to embrace a more prudent approach to risk management. In the world of cryptocurrencies, where a single tweet or news article can send prices spiraling, it is essential to implement robust risk controls, such as lower leverage limits and stricter margin requirements. The focus should be on protecting users and maintaining the stability of the platform, rather than encouraging high-stakes gambling.

    In addition, governance in the crypto space must evolve to be more inclusive and democratic. The principles of decentralization and community-driven decision-making should not be mere slogans but core tenets of any blockchain project. Allowing a single individual or a select few to wield unchecked power is a recipe for disaster. Transparency, accountability, and participation from the community should be at the forefront of any crypto project’s governance model.

    Furthermore, it is essential to stay focused on one’s core mission. Diversification can be a valuable strategy, but it should be undertaken with caution and a clear understanding of the risks involved. Startups and businesses should not spread themselves too thin by spending a bulk of their resources and energy on PR stunts and conferences. 

    The fall of FTX serves as a stark reminder that the tech and crypto scene is not immune to the perils of hubris. Arrogance, unchecked risk-taking, and poor governance can lead even the most promising ventures down a path of self-destruction. As the crypto space continues to evolve, it is imperative that we learn from the mistakes of FTX and strive for a more responsible and sustainable approach to innovation. Only then can we hope to build a brighter future for the blockchain and cryptocurrency industry—one that is grounded in humility and a commitment to the values of decentralization and accountability.

    Maximilian Marenbach

    Maximilian Marenbach has diverse work experience spanning various industries and roles, he is an established blockchain and fintech executive and lecturer. A banker by trade, he started out as an Ethereum miner, before joining Kraken exchange in 2017. He is currently the founder of Nakamoto & Associates a blockchain consulting group based out of Sydney, Australia as well as the chief commercial officer of XCLabs, a venture builder and DEFI FX AMM out of Singapore. Additionally he teaches regular classes at business schools and Unis in Australia.


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  • CEX Spot Trading Volume Dropped 20% in Q3 2023: Report

    CEX Spot Trading Volume Dropped 20% in Q3 2023: Report

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    The top 10 centralized crypto exchanges (CEXs) recorded a spot trading volume of $1.12 trillion in Q3 2023, indicating a significant plunge from the Q2 total of $1.42 trillion.

    According to the CoinGecko 2023 Q3 Crypto Industry Report, the third quarter spot trading volume for the top 10 CEXs represented a 20.1% decrease from Q2. Analysts called the quarter a turbulent one for crypto exchanges.

    CEX Spot Trading Volume Plunged in Q3

    Among the top CEXs, Binance – the world’s largest – witnessed a significant drop in its market share. The exchange’s share fell to a yearly low of 44% in September from a yearly high of 66% in February. Analysts attributed the decline to pressure from several regulators and the platform’s exit from multiple markets, as well as the departure of some of its top executives.

    Binance is facing scrutiny from regulators like the U.S. Securities and Exchange Commission (SEC) and the Department of Justice. The exchange is in a legal tussle with the SEC over several allegations of securities law violations. This has impacted the platform’s trade volume, especially in the U.S.

    Besides Binance, other exchanges recorded gains and losses in their market shares. KuCoin slipped out of the top 10 while HTX (formerly Huobi) regained its place as the third. Upbit and Bybit gained 4.6% and 6.9% in market share, respectively.

    On the other hand, the top 10 decentralized exchanges (DEXs) witnessed a 31.2% drop in their spot trading volume, which totaled $105 billion. THORChain emerged as the largest gainer with a 113% increase in volume, while SushiSwap dropped out of the top 10, with Orca Finance taking its spot with a 1% market share.

    Total Crypto Market Cap Fell 10%

    Furthermore, the market cap of the top 15 stablecoins declined by 3.8% to $121.3 billion. USD Coin (USDC) recorded the largest losses at $2.26 billion, while Binance USD (BUSD) experienced the largest percentage decline of 45.3% in the aftermath of Binance removing support for the asset.

    The trading volumes for non-fungible tokens (NFTs) plummeted by 55.6% from $3.67 billion in Q2 to $1.63 billion in Q3. CryptoPotato reported that Q3 was the worst quarter for NFT sales in almost three years.

    Overall, the total crypto market cap plunged by 10% in Q3, while the average trading volume fell by 11.5% to $39.1 billion.

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    Mandy Williams

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  • ACX Announces Key Trades on World’s First Regulated Carbon Exchange and Clearing House in ADGM – World News Report – Medical Marijuana Program Connection

    ACX Announces Key Trades on World’s First Regulated Carbon Exchange and Clearing House in ADGM – World News Report – Medical Marijuana Program Connection

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    World’s first regulatory framework based in Abu Dhabi for voluntary carbon markets elevates confidence

    ABU DHABI, SINGAPORE, October 25, 2023 /EINPresswire.com/ —
    • World’s first regulatory framework based in Abu Dhabi for voluntary carbon markets elevates confidence
    • First Abu Dhabi Bank (FAB) and Helix Climate conduct first trade on the exchange
    • South Pole executes first over-the-counter transaction on Carbon Market Board

    ACX (AirCarbon Exchange) proudly announces its exchange and clearing house in Abu Dhabi Global Market (ADGM), ACX Abu Dhabi, is live. Key trades have already been executed and settled on the platform, signifying the commencement of what is anticipated to be a burgeoning market for voluntary carbon markets (VCM).

    ACX established its regional base in ADGM in August 2021 with the support of Hub71, Abu Dhabi’s global tech ecosystem. Hub71 is powered by Mubadala Investment Company PJSC (Mubadala), an Abu Dhabi sovereign investor. Mubadala invested in ACX in September 2022 as a strategic step in line with its economic diversification mandate and commitment to responsible investing.

    In September 2022, ADGM, the international financial centre of the UAE’s capital that is established as a financial free zone, became the first jurisdiction to regulate voluntary carbon credits as financial instruments through the introduction of an Environmental Instrument…

    Original Author Link click here to read complete story..

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    MMP News Author

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  • Five American captives have flown out of Iran, U.S. officials say

    Five American captives have flown out of Iran, U.S. officials say

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    DUBAI, United Arab Emirates (AP) — Five prisoners sought by the U.S. in a swap with Iran flew out of Tehran on Monday, officials said.

    Flight-tracking data analyzed by the AP showed a Qatar Airways flight take off at Tehran’s Mehrabad International Airport, which has been used for exchanges in the past. Iranian state media soon after said the flight had left Tehran.

    Two people, including a senior Biden administration official, said that the prisoners had left Tehran. They both spoke on condition of anonymity because the exchange was ongoing.

    Context: Iran and U.S. set to exchange prisoners as $6 billion in once-frozen Iranian assets reaches Qatar

    Also see: Iran identifies prisoners it wants freed by U.S. even as President Raisi voices view of unfrozen funds at odds with Washington’s

    In addition to the five freed Americans, two U.S. family members flew out, according to the Biden administration official. of Tehran.

    The cash represents money South Korea owed Iran — but had not yet paid — for oil shipments. U.S. House Democrat Jason Crow said Monday that the Biden administration’s recent negotiations led to a situation in which those funds have more, rather than fewer, strings attached.

    Earlier, officials said that the exchange would take place after nearly $6 billion in once-frozen Iranian assets reached Qatar, a key element of the planned swap.

    Rep. Jason Crow, a Colorado Democrat, observed early Monday on MSNBC that the funds were available to Iran, and that South Korea could unilaterally have transferred them to Tehran, under terms of an arrangement struck by the Trump administration. The Biden administration’s recent negotiations led to a situation, he said, in which those funds have more, rather than fewer, strings attached.

    The U.S. Treasury holds the power to reject any requested fund transfers to Iran, U.S. officials have said, even as Iranian President Ebrahim Raisi claimed last week in an NBC interview that he was free under the deal’s terms to define the term humanitarian as he chose.

    Observers, seeking to reconcile those positions, noted that Raisi likely had a domestic audience in mind and was expressing a view that he knew did not comport with reality.

    Despite the exchange, tensions are almost certain to remain high between the U.S. and Iran, which are locked in various disputes, including over Tehran’s nuclear program.

    Iran says the program is peaceful, but it now enriches uranium closer than ever to weapons-grade levels.

    Iranian Foreign Ministry spokesman Nasser Kanaani was the first to acknowledge the swap would take place Monday. He said the cash sought for the exchange that had been held by South Korea was now in Qatar.

    Kanaani made his comments during a news conference aired on state television, but the feed cut immediately after his remarks.

    “Fortunately Iran’s frozen assets in South Korea were released and God willing today the assets will start to be fully controlled by the government and the nation,” Kanaani said.

    “On the subject of the prisoner swap, it will happen today and five prisoners, citizens of the Islamic Republic, will be released from the prisons in the U.S.,” he added. “Five imprisoned citizens who were in Iran will be given to the U.S. side.”

    He said two of the Iranian prisoners will stay in the U.S.

    Mohammad Reza Farzin, Iran’s Central Bank chief, later came on state television to acknowledge the receipt of over 5.5 billion euros — $5.9 billion — in accounts in Qatar. Months ago, Iran had anticipated getting as much as $7 billion.

    The planned exchange comes ahead of the convening of world leaders at the U.N. General Assembly this week in New York, where Iran’s hard-line President Ebrahim Raisi will speak.

    A Qatar Airways plane landed Monday morning at Mehrabad International Airport in Tehran, according to flight-tracking data analyzed by the AP. Qatar Airways uses Tehran’s Imam Khomeini International Airport for its commercial flights, but previous prisoner releases have taken place at Mehrabad.

    The announcement by Kanaani comes weeks after Iran said that five Iranian-Americans had been transferred from prison to house arrest as part of a confidence-building move. Meanwhile, Seoul allowed the frozen assets, held in South Korean won, to be converted into euros.

    The planned swap has unfolded amid a major American military buildup in the Persian Gulf, with the possibility of U.S. troops boarding and guarding commercial ships in the Strait of Hormuz, through which 20% of all oil shipments pass.

    The deal has also already opened U.S. President Joe Biden to fresh criticism from Republicans and others who say that the administration is helping boost the Iranian economy at a time when Iran poses a growing threat to American troops and Mideast allies. That could have implications in his reelection campaign as well.

    On the U.S. side, Washington has said the planned swap includes Siamak Namazi, who was detained in 2015 and was later sentenced to 10 years in prison on spying charges; Emad Sharghi, a venture capitalist sentenced to 10 years; and Morad Tahbaz, a British-American conservationist of Iranian descent who was arrested in 2018 and also received a 10-year sentence. All of their charges have been widely criticized by their families, activists and the U.S. government.

    U.S. official have so far declined to identify the fourth and fifth prisoner.

    The five prisoners Iran has said it seeks are mostly held over allegedly trying to export banned material to Iran, such as dual use electronics that can be used by a military.

    The cash represents money South Korea owed Iran — but had not yet paid — for oil purchased before the U.S. imposed sanctions on such transactions in 2019.

    The U.S. maintains that, once in Qatar, the money will be held in restricted accounts and will only be able to be used for humanitarian goods, such as medicine and food. Those transactions are currently allowed under American sanctions targeting the Islamic Republic over its advancing nuclear program.

    Iranian government officials have largely concurred with that explanation, though some hard-liners have insisted, without providing evidence, that there would be no restrictions on how Tehran spends the money.

    Iran and the U.S. have a history of prisoner swaps dating back to the 1979 U.S. Embassy takeover and hostage crisis following the Islamic Revolution. Their most recent major exchange happened in 2016, when Iran came to a deal with world powers to restrict its nuclear program in return for an easing of sanctions.

    Four American captives, including Washington Post journalist Jason Rezaian, flew home from Iran at the time, and several Iranians in the U.S. won their freedom. That same day, then-President Barack Obama’s administration airlifted $400 million in cash to Tehran.

    The West accuses Iran of using foreign prisoners — including those with dual nationality — as bargaining chips, an allegation Tehran rejects.

    Negotiations over a major prisoner swap faltered after then-President Donald Trump unilaterally withdrew America from the nuclear deal in 2018. From the following year on, a series of attacks and ship seizures attributed to Iran have raised tensions.

    Meanwhile, Iran’s nuclear program now enriches closer than ever to weapons-grade levels. While the head of the United Nations’ nuclear watchdog has warned that Iran now has enough enriched uranium to produce “several” bombs, months more would likely be needed to build a weapon and potentially miniaturize it to put it on a missile — if Iran decided to pursue one.

    Iran maintains its nuclear program is peaceful, and the U.S. intelligence community has kept its assessment that Iran is not pursuing an atomic bomb.

    Iran has taken steps in recent months to settle some issues with the International Atomic Energy Agency. But the advances in its program have led to fears of a wider regional conflagration as Israel, itself a nuclear power, has said it would not allow Tehran to develop the bomb. Israel bombed both Iraq and Syria to stop their nuclear programs, giving the threat more weight. It also is suspected in carrying out a series of killings targeting Iran’s nuclear scientists.

    Iran also supplies Russia with the bomb-carrying drones Moscow uses to target sites in Ukraine in its war on Kyiv, which remains another major dispute between Tehran and Washington.

    MarketWatch contributed.

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  • Mt Pelerin Crypto Exchange Adds Support For Bitcoin Lightning Network

    Mt Pelerin Crypto Exchange Adds Support For Bitcoin Lightning Network

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    Mt Pelerin, a Swiss-based cryptocurrency exchange, has announced new support for the Bitcoin’s Lightning Network on their app.

    The press release sent to Bitcoin Magazine describes how “users can now get Bitcoin directly on the Lightning network easily, by card or bank transfer, spend, receive and manage their sats with Mt Pelerin’s mobile app Bridge Wallet and cash out funds from Lightning back on their bank account in 14 currencies.”

    The app and exchange serve 171 countries and six languages globally. Swiss regulation allows for users to buy and sell bitcoin with no identification required for amounts under CHF1,000 per day. This preserves privacy in the face of growing threats related to compromised personal information.

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    BtcCasey

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  • Justice Jackson’s Crucial Argument About Affirmative Action

    Justice Jackson’s Crucial Argument About Affirmative Action

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    Yesterday, an hour and a half into the marathon hearings about whether colleges can use race as a factor in admissions decisions, Justice Ketanji Brown Jackson began to rub her temples as she looked down at her notes.

    “We’re entertaining a rule where some people can say what they want about who they are and have that valued in a system,” she said. “And I’m worried that that creates an inequity in the system with respect to being able to express our identity.” Black and Latino applicants would be limited if they can’t express their race in the selection process, she said. She almost laughed with exasperation. “Is that a crazy worry or is that something I should be thinking about and concerned about?”

    In previous arguments this term, Jackson was a forceful voice on issues of racial discrimination and the intent of the constitutional amendments designed to protect against it. For many in favor of race-conscious admissions, she has been a welcome presence on the Court, asking, in a way, the question at the center of the cases: Have less than 50 years of affirmative action put enough of a dent in the inequality fostered over more than two centuries of racial discrimination in higher education to merit eliminating the practice?

    For roughly five hours, the Supreme Court heard oral arguments in cases of Students for Fair Admissions, a coalition of unnamed Asian American students brought together by the conservative legal strategist Edward Blum, against the University of North Carolina and Harvard. If the cases are successful and the justices side with SFFA—which a majority of the justices seemed quite open to in their questioning yesterday—the decision would overturn the precedent established in Regents of the University of California v. Bakke in 1978, which has been upheld for more than 40 years. Because of her previous tenure on Harvard’s Board of Overseers, Jackson recused herself from the Harvard case and sat for only the UNC case. But she did not waste the time she had.

    Although relatively few colleges are selective enough to have reason to consider race in admitting students, there is significant evidence about what happens at those schools when such programs go away. Michigan and California, for example, saw precipitous declines in Black enrollment at their flagship campuses after those states banned the practice. (By SFFA’s own estimates, described during oral argument, Black enrollment at Harvard would fall from 14 to 10 percent without affirmative action.) In some ways, that’s the backdrop to Jackson’s questions. She was driving toward a fundamental statement about what the programs are for: Race-conscious admissions are designed to help students get into college, not to exclude students as a result of their existence.

    Jackson’s point is well worn. In 1978, during the oral arguments in the Bakke case, Justice Thurgood Marshall identified it. In an exchange where he prodded Reynold Colvin, who argued for the plaintiff, Allan Bakke, Marshall pointed out, “You’re arguing about keeping somebody out and the other side is arguing about getting somebody in.” Colvin agreed. “So, it depends on which way you look at it, doesn’t it?”

    Once again, Colvin agreed. “It depends on which way you look at the problem,” Colvin said.

    Marshall’s voice changed. “It does?” he said, with a rise in inflection.

    “The problem—” Colvin began to say before Marshall cut him off.

    “It does?” Marshall said, frustrating Colvin. “You’re talking about your client’s rights; don’t these underprivileged people have rights too?”

    Yesterday, Jackson was less direct, but no less potent, in an exchange with Patrick Strawbridge, the lawyer for SFFA. She offered a hypothetical to emphasize her point. There are two applicants who would like their family backgrounds recognized. One writes that their family has been in North Carolina since before the Civil War, and that if they were admitted to the university, they would be a fifth-generation student there. The other student is also a North Carolinian whose family has been in the state since before the Civil War—but their ancestors were enslaved and, because of years of systemic discrimination, were not allowed to attend the university. But now that they have the opportunity, they would like to attend. “As I understand your no-race-conscious-admissions rule, these two applicants would have a dramatically different opportunity to tell their family stories and to have them count.” Both applicants were qualified, Jackson offered, but the first applicant’s qualifications could be recognized in the process, whereas “the second one wouldn’t be able to [get credit for those qualifications] because his story is in many ways bound up with his race and the race of his ancestors.”

    Strawbridge thought for a moment, then offered that UNC does not have to give a legacy benefit to the first applicant if it doesn’t want to. This is true, but it was not Jackson’s point: “No, but you said it was okay if they gave a legacy benefit.” Race, she said, would be the only thing that couldn’t be considered under that program. And that would disadvantage the Black student who, in a similar set of circumstances, wants “the fact that he has been in North Carolina for generations through his family” considered.

    In a day filled with questions about the meaning of “true diversity” or the educational benefits of diversity, Jackson’s questions cut through the muck. Some students had historically been denied access to some of the nation’s most well-resourced institutions of higher education—feeder campuses for prominent roles throughout society–because of their race. If SFFA wins, that fact will be one of the only things a university cannot consider in its admissions process, as though that history never happened—as though the system is fair enough already.

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    Adam Harris

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  • Elite Alliance Creates New Co-Ownership Residence Club in St. John, USVI

    Elite Alliance Creates New Co-Ownership Residence Club in St. John, USVI

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    Elite Alliance Introduces Island Sky Residence Club St. John, Featuring 10 Waterfront Residences with Magnificent Views Overlooking Turner Bay

    Press Release


    Aug 18, 2022

    Elite Alliance® the leader in luxury fractional real estate consulting and sales, vacation home exchange, resort hospitality management, and vacation rental, has partnered with Island Sky Investments in Austin, Texas, to create Island Sky Residence Club St. John in the United States Virgin Islands (USVI), a private co-ownership luxury vacation property on a waterfront hillside overlooking Turner Bay. The property will offer 10 boutique one- and two-bedroom residences, each with a spectacular view of the Caribbean Sea.

    McGuire Digital is managing all marketing efforts for the project, Elite Alliance Real Estate will lead the sales efforts, and Elite Alliance Hospitality will oversee the long-term management of the property. Owners receive a 1/10th ownership interest in either a one- or two-bedroom residence and a minimum of three weeks of designated use each calendar year. Owners also receive a two-year premium membership into Elite Alliance Exchange, with immediate access to 120+ worldwide destinations. Owners can immediately begin enjoying luxury vacations without having to wait for their vacation property to be completed. 

    “The co-ownership model we introduced with Island Sky Residence Club St. John provides all the benefits of owning a luxury vacation property of the highest quality for a fraction of the price you would pay for owning an entire single-family vacation residence,” said Rob Goodyear, President of Elite Alliance. “Owners can reside in beautiful St. John without the tiresome and expensive responsibilities of owning a vacation home on their own. It’s a beautiful way to live.”

    Construction is set to begin with five two-bedroom residences and five one-bedroom residences, all of which will be elegantly designed in a modern coastal style with a touch of West Indies tradition. In addition to the luxury accommodations of each residence, the property will feature a stunning westward-facing rooftop pool and an open lounge area. The rooftop will provide sweeping panoramic views of the bay over to St. Thomas and the surrounding islands. The property is located less than five minutes by car to Wharfside in Cruz Bay, providing easy access to the island’s main area where most shopping, passenger ferry docks, bars, and restaurants reside.

    Principal and developer of Island Sky Residence Club St. John, Jason Caraway, has been traveling to St. John for over 20 years. “Both the property and design have been under careful watch, and I am thrilled to begin the construction phase. I chose Elite Alliance to sell and manage the property because of their integrity and track record of over 30 years of experience, expertise, and success in the fractional sales space and luxury resort developments,” says Jason. “Coupled with their ability to manage a large portfolio of luxury properties, I’m confident they will ensure long-term value and success for the property and together we can provide owners with the luxury vacation home in St. John they’ve always dreamed about.”

    For more information on Elite Alliance Real Estate, Hospitality and Exchange services, please visit www.elitealliance.com, or contact Rob Goodyear at rgoodyear@elitealliance.com or 214.393.2842. For more information on Island Sky Residence Club St. John, please visit www.islandskystjohn.com

    About Elite Alliance

    Thirty years ago, the founder of Elite Alliance® created the world’s first residence club at top-rated Deer Valley Resort in Park City, Utah. This innovative, fractional ownership model, which increased market size and profitability for developers, became the fastest growing segment of the vacation home market. As Elite Alliance’s portfolio of luxury residence clubs expanded, they introduced the Elite Alliance Exchange program to allow owners to enjoy other coveted destinations at nominal expense. Elite Alliance quickly earned a reputation for first-class customer service in facilitating and coordinating exchange vacations. As a result, Elite Alliance Hospitality was created to provide robust hospitality and rental management services for residence clubs, hotels and resorts that improve operational performance and client satisfaction.

    Today, Elite Alliance continues to set the standard for excellence in vacation exchange, hospitality management and fractional real estate consulting, always guided by a commitment to integrity and innovation.

    About Island Sky Residence Club St. John

    Island Sky Residence Club St. John is a private co-ownership luxury vacation property located in the US Virgin Islands. The property is comprised of 10 one- and two-bedroom residences, each beautifully and thoughtfully designed in coastal chic providing magnificent views overlooking Turner Bay. The rooftop features a swimming pool and open lounge area with sweeping panoramic views of the bay over to St. Thomas and the surrounding islands. Imagine live music in the tropical breeze with poolside cocktails while staring out at a fiery red sun as it fades away into the Caribbean Sea. This property will be one of the best locations on the island to take in these magnificent views, and with its “top of the world” feel, Island Sky Residence Club St. John will be regarded as one of the more exclusive residences in the Virgin Islands. The planning, permitting, and zoning have all been approved and construction is scheduled to begin soon.

    About Island Sky Investments

    Island Sky Investments, a private equity firm based in Austin, Texas, provides a variety of investment opportunities and has a distinct affinity for luxury coastal resort-style real estate in both the United States and foreign tropical destinations. Founder and CEO, Jason Caraway, has over 20 years of experience in real estate development, finance, and start-ups. Island Sky Residence Club St. John is the first of several upcoming luxury developments Island Sky has planned. 

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    Source: Elite Alliance, LLC

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  • Elite Alliance Adds the Aspen Mountain Residences to Its Exchange Program

    Elite Alliance Adds the Aspen Mountain Residences to Its Exchange Program

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    Exchange Members Enjoy Year-Round Vacation Opportunities at an Elegant Alpine Escape in Downtown Aspen

    Press Release


    Jan 6, 2022

    Elite Alliance®, the leader in luxury fractional real estate consulting and sales, vacation home exchange, resort hospitality management, and vacation rental, announced The Aspen Mountain Residences, located in downtown Aspen, Colorado, as the newest addition to its Exchange program. Elite Alliance Exchange, the leader in exchange services for owners of prestigious residence clubs and luxury, professionally managed vacation homes, affords members exclusive access to more than 120 of the world’s most coveted destinations.

    The Aspen Mountain Residences’ club owners receive a two-year complimentary Premium Membership into the Exchange, granting access to seamless travel adventures – ski trips, golf getaways, beach escapes and much more – at a growing array of premier domestic and international locations. Through an Exchange membership, members can spend time with family and friends at their vacation home property and experience a variety of vacations and traveling benefits at superior properties.

    “It was imperative we partner with The Aspen Mountain Residences,” said Kelli Buchheit, VP of Operations at Elite Alliance Exchange. “It is a wonderful addition to our Exchange portfolio. The Club is comprised of one-to-four-bedroom residences with luxury amenities throughout including, a fully equipped kitchen, an expansive living room with a fireplace, and a private balcony or patio. Not to mention, an Olympic-size heated outdoor swimming pool, hot tubs, and fire pit, as well as top-notch services that range from private shuttle service to and from the neighboring mountains during ski season, transportation service to and from the Aspen Airport, and housekeeping service to name a few.”

    Located steps away from the breathtaking grandeur of Ajax Mountain, the stunning property offers luxury with comfort in mind. Visitors can experience an incredible escape to the mountains, partake in outdoor activities no matter the season, enjoy breathtaking views from select units, and roam the pedestrian-friendly streets of downtown Aspen.

    “Each residence is different, making each visit a unique and unforgettable experience,” said Al Kenney, President of The Aspen Mountain Residences. “We are excited to open our doors to the Elite Alliance Exchange program. Not only can our owners enjoy residing at their home away from home, set amongst Aspen’s legendary natural beauty, year-round mountain adventures, and cultural charm, but they now have the opportunity to enjoy a similar travel experience across the globe.”

    Deemed a mountain playground where every season is peak season, The Aspen Mountain Residences is a welcoming resort with luxurious comforts, allowing its guests to experience everything Aspen has to offer. Visitors can rest assured knowing the attentive club staff is dedicated to making every visit a hassle-free vacation.

    About Elite Alliance

    Thirty years ago, Elite Alliance® Founder Steve Dering created the world’s first residence club at the top-rated Deer Valley Resort in Park City, Utah. This innovative, fractional ownership model, which increased accessibility for buyers and market size for developers, became the fastest-growing segment of the vacation home market. As Elite Alliance’s portfolio of luxury residence clubs expanded, it introduced Elite Alliance Exchange, a program that allows owners to explore other coveted destinations at a nominal expense. Elite Alliance Exchange quickly earned a reputation for first-class customer service in facilitating and coordinating exchange vacations. As a result, Elite Alliance Hospitality was created to provide robust hospitality and rental management services for residence clubs, hotels, and resorts that improve operational performance and client satisfaction.

    Today, Elite Alliance continues to set the standard for excellence in fractional real estate consulting, vacation exchange, and hospitality management – always guided by a commitment to integrity and innovation.

    For more information on Elite Alliance Real Estate, Hospitality and Exchange services, please visit www.elitealliance.com, or contact Rob Goodyear at rgoodyear@elitealliance.com or 214.393.2842.

    About The Aspen Mountain Residences

    The Aspen Mountain Residences are high-end condominium accommodations ranging from studios through four-bedroom units, all with fireplaces, private balconies, well-appointed kitchens, spa tubs and steam showers. A passionate and independent luxury landmark located at the base of Ajax Mountain and only steps from the Aspen Silver Queen Ski Gondola, The Aspen Mountain Residences enjoys one of Aspen’s most coveted locations on Aspen’s “front row” alongside the St. Regis and The Little Nell. Shops, restaurants, and cultural events and gatherings are all within a few blocks walk. 

    The residences offer all the luxury which visitors here have come to expect. A warm and cozy place where one can kick back and do as much or as little as they like. High-touch guest services include a dedicated concierge, as well as bike and sport rentals. Additional resort amenities include an outdoor pool, shared and private hot tubs, and Aspen’s well-known Silver Circle ice rink, a cherished wintertime gathering place for owners and the Aspen community.

    For more information about The Aspen Mountain Residences, please visit www.aspenmountainresidences.com.

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    Source: Elite Alliance, LLC.

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  • Whitemarsh Cove in Orlando Joins Elite Alliance Family

    Whitemarsh Cove in Orlando Joins Elite Alliance Family

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    Club Members Enjoy Reunion Resort Amenities and Elite Alliance Exchange Membership

    Press Release


    Dec 2, 2021

    Elite Alliance®, the leader in luxury fractional real estate consulting and sales, vacation home exchange, resort hospitality management, and vacation rental, announced Whitemarsh Cove, a Kingwood Residence Club in Orlando, Florida, as its newest partnership. The new private residence club rewards members with nine-bedroom luxury vacation homes, an astounding variety of golf, recreational and social privileges at internationally acclaimed Reunion Resort, and opportunity for financial returns. Members also receive access to other prestigious residence clubs and luxurious, professionally managed vacation homes at more than 120 of the world’s most coveted destinations.

    Elite Alliance Real Estate was chosen to structure a residence club that offers an optimal combination of personal vacation home enjoyment and potential rental income – without the worries, responsibilities, and financial burdens of absentee ownership. Members can enjoy vacation time with family and friends, send unaccompanied guests with full club privileges, and make designated time available for income. Rental marketing, reservations, payment collection, and concierge services are seamlessly managed by hospitality professionals for peace of mind.

    “In addition, we are excited to introduce members to an expanding family of prestigious properties in premier domestic and international destinations through our exchange program,” said Rob Goodyear, President of Elite Alliance. He adds, “Through an Elite Alliance Exchange membership, members have access to a variety of vacations and traveling benefits even before their vacation home is completed.”

    Whitemarsh Cove offers large, modern villas with a bright, open floor plan, fully equipped kitchen, game room, home theater, Disney-themed kid’s rooms, master suites, and private swimming pool. Each nine-bedroom, nine-bathroom home lies within a gated, secured enclave at Reunion’s 2,300+ acres of pedestrian-friendly terrain. The residence club is a convenient base camp for families to explore Orlando’s biggest attractions such as Walt Disney World theme parks. Guests can also relish in world-class amenities without ever having to leave the property.

    Included with Whitemarsh Cove membership is access to Reunion Resort. Reunion offers three award-winning golf courses – the Palmer Course, Watson Course, and Nicklaus Course – water park, variety of swimming pools, including a rooftop pool with indoor-outdoor lounge, Clubhouse, and exquisite dining venues. Activities such as tennis, pickleball, miniature golf, and bocce ball, as well as bicycle rentals, playgrounds, and state-of-the-art fitness center, provide the perfect blend of high-end amenities, relaxation, and family fun.

    In addition, the residence club concierge will have the members’ favorite foods and beverages placed in their kitchens prior to arrival, schedule airport transportation, reserve tee times, purchase theme park tickets, make dinner reservations, and arrange daily housekeeping services if desired. The attentive club staff is dedicated to making every visit a worry-free vacation.

    About Elite Alliance

    Thirty years ago, Elite Alliance® Founder Steve Dering, created the world’s first residence club at top-rated Deer Valley Resort in Park City, Utah. This innovative, fractional ownership model, which increased accessibility for buyers and market size for developers, became the fastest-growing segment of the vacation home market. As Elite Alliance’s portfolio of luxury residence clubs expanded, it introduced Elite Alliance Exchange, a program that allows owners to explore other coveted destinations at nominal expense. Elite Alliance Exchange quickly earned a reputation for first-class customer service in facilitating and coordinating exchange vacations. As a result, Elite Alliance Hospitality was created to provide robust hospitality and rental management services for residence clubs, hotels, and resorts that improve operational performance and client satisfaction.

    Today, Elite Alliance continues to set the standard for excellence in fractional real estate consulting, vacation exchange, and hospitality management – always guided by a commitment to integrity and innovation.

    For more information on Elite Alliance Real Estate, Hospitality and Exchange services, please visit www.elitealliance.com, or contact Rob Goodyear at rgoodyear@elitealliance.com or 214.393.2842.

    About Whitemarsh Cove Residence Club

    Whitemarsh Cove Residence Club rewards members with the enjoyment of luxurious new homes, an astounding variety of golf, recreational and social privileges, and an exceptional opportunity for attractive financial returns. The Whitemarsh homes are ideally located at acclaimed Reunion Resort, a meticulously planned golf community in the heart of America’s most exciting family destination. Residence club ownership allows busy families to enjoy quality time together without the worries, responsibilities, and financial burdens of absentee ownership. Members can participate in the dynamic rental option that can minimize or completely offset the ongoing expenses associated with a luxury vacation home. The appeal and value are further enhanced by incorporating a Reunion Club membership into the residence club membership. It’s a sensible, flexible, and carefree way to enjoy the personal and financial rewards of a vacation home.

    Whitemarsh Cove will reward visitors with the ultimate resort lifestyle and exceed expectations.

    For more information on Whitemarsh Cove Residence Club, please visit www.whitemarshcove.com.

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    Source: Elite Alliance LLC

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  • Elite Alliance Introduces New Residence Club in Downtown San Miguel De Allende, Voted the #1 City in the World by Travel + Leisure

    Elite Alliance Introduces New Residence Club in Downtown San Miguel De Allende, Voted the #1 City in the World by Travel + Leisure

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    Press Release



    updated: Sep 23, 2021

    Elite Alliance®, the leader in luxury fractional real estate consulting and sales, vacation home exchange, resort hospitality management, and vacation rental, announced Quinta Tenerías residence club in downtown San Miguel de Allende, Mexico, as its newest partnership. Quinta Tenerías owners enjoy an enviable array of amenities, services, and privileges, along with easy access to all the attractions that made San Miguel the #1 city in the world for two consecutive years among Travel + Leisure readers. Quinta Tenerías is an intimate and elegant private residence club located in the heart of one of the most desirable, beautiful, and iconic cities in Mexico. Owners select from two categories of luxurious two-bedroom residences, either the 1,450-square-foot Luxe Residences or the 1,980-square-foot Grand Residences, all of which come fully furnished in distinctively different but equally appealing designs.

    There are eight like-minded owners per residence, and each enjoys frequent and flexible access to their elegant home throughout the year. Unlike traditional vacation homes, the club staff ensures worry-free ownership and hassle-free vacations. The Quinta Tenerías residences seamlessly blend contemporary interior design with the traditional San Miguel de Allende architecture style. The Luxe Residences are single-story with terraces overlooking interior gardens. The Grand Residences are two-story residences with an outdoor terrace offering Cathedral views.

    Elite Alliance Real Estate was retained by Quinta Tenerías to create the fractional ownership structure and supervise the sales and marketing efforts,” said Rob Goodyear, President of Elite Alliance. “We are also providing our expertise in management and rental services, including membership into our vacation exchange program.”

    Goodyear noted that club owners can relax in their San Miguel home with friends and family while enjoying resort services, send unaccompanied guests, rent some of their vacation time through Elite Alliance Hospitality, and exchange vacations with owners of other luxury homes and residence clubs in more than 120 international locations through Elite Alliance Exchange.

    Quinta Tenerías offers more than beautiful residences. Owners and their guests also enjoy a rooftop terrace with cocktail lounge, jacuzzi, and fire pits, club courtyard, barbecue, and outdoor kitchen area, as well as access to fitness and yoga classes, pre-arrival grocery service, housekeeping, and full concierge. The club is in close proximity to colorful festivals of the region and some of the most acclaimed tourist attractions in Mexico. The captivating history and culture of San Miguel allows visitors to take part in diverse activities, cultural experiences, and intense excursions like nowhere else in the world. Declared a World Heritage Site by UNESCO, with its unique, attractive charm that reflects all that is best about Mexico, Quinta Tenerías Residence Club provides a desirable lifestyle in one of the globe’s top urban destinations.

    About Elite Alliance

    Thirty years ago, Elite Alliance® Founder Steve Dering, created the world’s first residence club at top-rated Deer Valley Resort in Park City, Utah. This innovative, fractional ownership model, which increased accessibility for buyers and market size for developers, became the fastest-growing segment of the vacation home market. As Elite Alliance’s portfolio of luxury residence clubs expanded, it introduced Elite Alliance Exchange, a program that allows owners to explore other coveted destinations at nominal expense. Elite Alliance Exchange quickly earned a reputation for first-class customer service in facilitating and coordinating exchange vacations. As a result, Elite Alliance Hospitality was created to provide robust hospitality and rental management services for residence clubs, hotels, and resorts that improve operational performance and client satisfaction.

    Today, Elite Alliance continues to set the standard for excellence in fractional real estate consulting, vacation exchange, and hospitality management – always guided by a commitment to integrity and innovation.

    For more information on Elite Alliance Real Estate, Hospitality and Exchange services, please visit www.elitealliance.com, or contact Rob Goodyear at rgoodyear@elitealliance.com or 214.393.2842.

    About Quinta Tenerías Residence Club

    Quinta Tenerías is an equity Residence Club providing fractional real estate ownership in the heart of San Miguel de Allende. Each Club Residence boasts modern architecture and is fully furnished and accessorized. Club Residences feature all five elements of Feng Shui such as wood and stone floors to interconnect outdoor spaces with interior areas, water fountains to promote positive energy (CH’I), fireplaces to represent the fire element for success, and metal elements associated with the qualities of pleasure and creativity. Every aspect is intended to provide comfort, safety, and harmony throughout the Club. Rogelio Villanueva, CEO and Founder, had the vision of creating a space where Mexican architecture and culture could merge in a place surrounded by luxury and comfort. He opted for San Miguel de Allende as the best place to introduce his concept to the world.

    For more information on Quinta Tenerías, please visit www.quintatenerias.com.

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    Source: Elite Alliance, LLC

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