First Live Real Estate Auction with Cryptocurrencies Launched by Binance Coin

Cryptocurrencies are currently making a push for mainstream acceptance. Recently, they have been used in real estate transactions and virtual deals have been made; according to Ambcrypto, there has been a purchase made for a beach side property. Now, cryptocurrencies are about to make a push as Bitcoin (BTC) and Finance Coin (BNB) are being pushed for use in real estate auctions.

Changpeng Zhao, Binance CEO, messaged his 300,000 followers on Twitter about the transaction. Zhao holds one of the largest cryptocurrency exchanges when measured through trading volume. He also added that the 'world's first live real estate auction' that accepts cryptocurrency as payment is well en route next month.

The beach property, 1 Beech Lane in Casuarina, New South Wales, is designed with a cube-like facade. It will be up for auction as part of an event, labeled true to its description--"international live property auction using cryptocurrency." However, Zhao was quick to add that the house isn't a Binance property, only that it was 'appreciated' by the company.

The crypto-exchange firm, according to FX Street, partnered up to make the transaction possible. James Pratt Auctions and NuYen Exchange picked up the slack to make the property auction possible. Buyers who are interested to bid on the property can use Bitcoin (BTC) and Binance's own Binance Coin (BNB).

The property had also been nicknamed "The Jetsons" because of its futuristic design. It is being packaged towards buyers who had been described as possessing a "quirky, yet refined" preference for architecture.

Quite a few reactions on Twitter have been hugely positive about the bidding as well as the form of currency allowed. One said that the home was worth 471 Bitcoins $BTC (or $1.8 million). The user also lauded the price being cheaper than the 'fiat price.' Another user, meanwhile, had said that--while the house had been for sale for a while--the addition of $BNB as another form of payment is interesting enough.

Aside from NuYen and James Pratt, Trigon Trading signed up to assist Binance's partners. Trigon is credited for facilitation of over-the-counter (OTC) trades of the high volume variety. It has already presided over trades that used Bitcoin, Ether, Litecoin, or XRP. Its assistance is to facilitate the settlement of BTC to Australian dollars during the live auction.

The success of the Binance auction will tell how long it will take before cryptocurrency becomes a default currency used in real-world transactions.

© 2018 Business Times All rights reserved. Do not reproduce without permission.
Loading...
Sign Up for Newsletters and Alerts