Sign Banking PDF Florida Secure

Industry sign banking florida pdf secure

hello there this is tony smith with dennis and yaddy and today we're going to talk about how you can purchase a boat with cryptocurrency something like ethereum or bitcoins so i put together a quick presentation on this and we're just going to flip through a few slides explain the process to you and exactly what denison is doing with cryptocurrency okay so we put together a real quick presentation here on how to buy with cryptocurrency and some innovation that's going that's my contact information down below so we made the announcement a few months ago that dennis and yadin was taking cryptocurrency and why we're doing this as we're seeing more and more uh entrepreneurs and businessmen really get involved in the crypto space and also the valuation is really increasing uh sometimes when you have a large crypto holding actually getting that money and using it to buy a tangible asset like a yacht can be a little bit confusing so we made the announcement and we did want to kind of talk through uh this process for you on a side note dennis and yadin is actually a bitcoin miner we've been doing this for a couple years now just to get really involved in the space and to understand that what you'll see here i've got a hyperlink to a couple of articles that you can explore later one of these is in super yacht times explaining kind of our position on bitcoin as well as uh another uh local uh publication on bitcoin and what we're doing so those are hyperlinked in the presentation for you we've been a big proponent of this and bitcoin is a really great uh to do transactions it's extremely fast it is not bound by traditional banking and things like that we do have some identification and security along with this to basically provide both parties you know 100 security with this so what the process looks like is we have our standard contracts so this is the international yacht broker association contracts here that you'll see those are also hyperlinked here for you to review but here's an example of a standard contract so same same negotiation process same agreement same escrow period all of that still applies and how that works is basically the first step here is we find the yacht that we want we make an offer on it and we formally submit that so no money needs to be held in order to make an offer once the offer happens traditionally this is uh possibly negotiated back and forth once the price is agreed upon then at that point uh it's time to get a 10 into escrow down payment so that's the next step so what denison does is we create an invoice for this an invoice to the buyer for the escrow down payment now again the escrow is fully refundable after the transaction it would be refunded back in u.s dollars or euros depending on how the transaction is set up but the escrow funds are safe and securely held within our escrow account so essentially denison would create a invoice at that time the buyer would connect their bitcoin wallet to a crypto payment service so we've got several crypto payment services set up and for security reasons all of these abide by the local laws on kyc which is know your client which is basically identity verification so we use the system called on fito which will actually do the verification process here i've hyperlinked to their website so you can see depending on what country you're in uh you can look at the eligibility and uh what proves as verification so u.s or canadian residents or wherever you may be located this has all all the security protocols that basically are needed to authenticate the buyer back against that uh bitcoin wallet and that transactions obviously with the larger super yacht these are large transactions so we want to make sure that we know who's buying it who's actually paying for it and then we can have a custody trail the whole way through so standard contract agreement escrow down payment 10 is within three days sent through from your bitcoin wallet through our crypto payment service and identified with on on fido to do all the necessary compliance um on both sides of the transaction um a few other things on that basically that once the payment is uh initiated there's a 15 minute holding period and value for that bitcoin so through the crypto payment service basically an invoice comes from denison the buyer logs in connects their wallet verifies their identity and then they have a 15-minute window at a fixed bitcoin value now the transaction fee is paid at that time that the funds are actually sent through and there's a one percent transaction fee and that's what through the crypto payment process okay uh then at that point funds are received into the denison escrow account now typically this takes about one day and we receive it via a traditional wire so traditional wire in either us dollars or in euros and it's held in one of our appropriate escrows accounts for that at that point the traditional terms of the psa are completed so if you have a sea trial or an inspection or any of your due diligence you're still totally protected on both sides of this once you sign that then you sign the acceptance and then that kicks off the closing process now we typically work with uh all oceans for the closing team they will handle all the documentation so if it's a u.s coast guard registered vessel they'll get an abstractive title if it's a foreign vessel they'll work with whatever the registering country is to verify the ownership of the vessel make sure there's no liens against it and get it you know appropriately documented for however the new owner wants it set up traditionally we see most of our transactions are for us coast guard but if you have a you know canadian registered vessel or any of that uh all oceans and closing team along with other documentation services can help with that so at that point everything's accepted uh buyers and sellers closing statements are sent out just like a normal transaction they need to be notarized they're scanned sent back to us and uh original copies are mailed once all that's good we basically initiate another invoice for the balance of the funds which can be paid in crypto through the processing service and just like before you have a 15-minute lock on the value and then you send the funds in denison receives the wire within traditionally a day your your transaction though within the uh from the crypto payment is within that 15 minute window and again there's the one percent fee that that is paid to process uh from the uh from bitcoin or ethereum into us dollars or euros um once the funds hit the escrow account we verify back to the uh to the buyer that they're good and then they initiate the outbound wire to the seller and then that traditionally that normally happens you know uh same day or within a day and then once funds are verified then the transaction is completed so what you'll see is you know key takeaways on this we try to make this as seamless as possible to process bitcoin and other sorts of cryptocurrencies uh this is a very safe and proven process we've done it several times so the bitcoin transactions are you know entirely uh traceable we're up to regulations with the know your client we ensure identity on both sides contracts or the same contracts are international yacht broker association contracts and then your due diligence and security and the escrow are are entirely just like a traditional transaction if you're buying in dollars or euros so um really it's a standard closing process end to end and then the seller the seller of the boat can receive funds in either us dollars or euros so we hope that a quick overview of how you can buy with crypto is helpful please feel free to reach out to me at the contact info below ts denisonyadi.com look forward to any discussions on cryptocurrency and how to buy a yacht for additional information please email me at ts denison yachting dot com also feel free to text me at 404-805-9819 don't forget to like subscribe and comment below and be on the lookout for additional videos