Binance, crypto exchange giant, has partnered with NuYen Exchange and James Pratt Auctions to launch the world’s very first live real-estate auction using crypto. The auction is set to commence on April 8th, 2019.
Interested buyers can use BNB (Binance Coin) and BTC (Bitcoin) to purchase beach-front, modern properties in Casuarina, East Australia.
Live Real-Estate Auction
Real-estate is a completely new market for cryptocurrencies to tap into. Although there have been a few examples of crypto and property trades but this is the moment when crypto can actually be accepted as a mainstream alternate for centralized money.
The announcement made by James Pratt Auctions of hosting such an auction is creating a lot of buzz around the crypto and real-estate market. The company made the announcement through its official Instagram page on March 7th. The social post also talked about company’s partnership with NuYen exchange and Binance for the event.
TrigonTrading, a custody based service provider from Australia, also confirmed through a tweet on March 11th that the company will assist NuYen exchange in settling the auction.
CEO and founder of Binance, Chanpeng Zhao commented about the event saying that the property can be purchased using both Binance Coin as well as Bitcoin.
About the Property
A beach front residency, located in a north-eastern town of New South Wales, Casuarina, will enjoy the privilege of being the very first property to be sold at a crypto enabled live auction. The residence is named “The Jetsons,” because of its future forward design and the highly quirky and refined infrastructure. The companies are counting on these unique characteristics to bring in a huge audience. Registration has been opened for the auction on the Realestate.com.au website. There will be an onsite auction as well which will be conducted on 8th of April, at 11 am AEST.
Cryptocurrency Gaining Pace in Real Estate Market
A high scale real estate firm from Turkey, Antalya Homes, recently released a statement that the company has successfully sold 9 properties using cryptos as a method of payment.
The amazing feature of cryptocurrency, enabling seamless cross-border transactions of any amount is a huge leverage which will help crypto to gain pace in the real-estate market.
Do you think there will be mass acceptance of crypto in the real estate market? Let us know in the comments below.