A reputable real estate group based in Australia is using cryptocurrency to facilitate a luxury home auction. Bids will be called out by a live auctioneer in Bitcoin (BTC), as the owner of the property aims to gain as many cryptocurrency as possible from the auction.
Cryptocurrencies Feature in A Live Auction
LJ Hooker, one of the foremost real estate groups in Australia is planning to use cryptocurrencies to close the deal on a luxury home via a live auction. To achieve this, the company has teamed up with James Pratt Auctions and Nuyen, a blockchain company, to ensure that online bidding for the luxury home, a five-bedroom house located in New South Wales, Australia, goes through without a hitch.
According to a Monday press release:
“The auctioneer will call bids in cryptocurrency, with the price to be converted and displayed in AUD and USD on a live screen. Payments can be made in both bitcoin (BTC) and binance coin (BNB).”
Nuyen revealed that buyers from China, U.S., Australia, and Canada, have shown interest in the auction. Greg Costello, the owner of the property and president of Nuyen, had this to say: “We have already had parties register for the auction in less than 5 days of it being released … There has been a lot of international interest and publicity, and I expect to see this grow and grow as the auction gets closer.”
More Live Auctions To Come
Costello went further to say that more crypto-based live auctions are expected to hold in the future because of how easy it is for international bidders to participate:
“All signs point to a borderless system where digital assets are traded for real assets.”
The company LJ Hooker came into existence in 1928 and went by the title of “Australia’s best-known and most trusted real estate brand.” The company has offices scattered across different countries such as China, Papua New Guinea, Indonesia, Vanuatu, New Zealand, and Australia. The group prides itself with the management of 160,000 properties, the most extensive property portfolio in the region, worth 100 billion Australian dollars ($71 billion).
The Main Event
The auction has been scheduled to hold on April 8th. A live auctioneer will be present on the property. The Vice President Of Nuyen, Ryan Lee, shed light on what is to be expected after the auction:
“Once the sale has been completed, Nuyen’s internal and secure exchange will then be responsible for facilitating the liquidation of the coins themselves and of course releasing them back to the market.”
Costello, a strong crypto believer, plans to retain possession of as many BNB and BTC as possible, according to reports. He stated that: “Some of the coins will have to be liquidated to release the mortgage, but the rest will be held tight for future gains.”