Binance has entered into collaboration with James Pratt Auctions and NuYen Exchange to launch the world’s first live property auction using cryptocurrencies. The auction is scheduled to take place on April 8. It will allow buyers to use Bitcoin (BTC) and Binance Coin (BNB) to purchase a beach-front modern mansion in the town of Casuarina in East Australia.
Though cryptocurrencies have gained prominence in the real estate industry but the market was yet to see the widespread interest in such deals, and slowly it has found its place in Real Estate. James Pratt Auctions, the world-renowned auction house made this auction announcement on March 7 quoting “it has partnered with Binance and NuYen exchange on the project.”
TrigonTrading has been chosen to assist NuYen exchange in regulating the auction. This company is based in Australia and offers OTC trading, exchange and custody services. The property listed at the auction is situated in Casuarina, a town located in the New South Wales, Australia. This beachfront residence is set to attract bidders with “quirky, yet refined taste”. Named as “The Jetsons,” the architecture work in the property has an exaggerated futuristic style.
Registration for the auction has already started on the website of Realestate.com.au. The onsite auction is scheduled on Monday, April 8, at 11 am AEST. Casuarina mansion will be the first-ever house to be sold in a live auction, but it is not the first one to be bought via cryptocurrency.
Back in December 2017, the first known Bitcoin-only real estate deal concluded in Miami. Ivan “Paychecks” Pacheco, the co-founder of Bits to Freedom, paid 17.74 Bitcoin for a two-bedroom house in Upper East Side neighbourhood of Miami. The transaction was valued approximately at US$ 275,000. Furthermore, in 2018, a property in Sydney suburb, Mount Druitt, became the first ‘real-estate’ property in Australia to be sold only for the cryptocurrency.
Thanks to the ‘exchange’ characteristic of cryptocurrency that allows cross-border transactions of any amount for a fixed fee, cryptos can be exploited to strengthen the real estate market globally. It will ensure real estate buyers to seamlessly acquire property in other parts of the world without the friction of large transfer and forex fees.
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