Real Estate Giant Set to Host Luxury Real Estate Auction With Cryptos As Payment Method

Real Estate Giant Set to Host Luxury Real Estate Auction With Cryptos As Payment Method

using cryptos

According to a recent report, a luxury home auction is set to be held by a major real estate group in Australia. The buyer is expected to pay for the houses using cryptos. The auctioneer present will be calling out bids in BTC as the owner of the property revealed that he intends to keep as many coins as possible.

Digital Currency to be Used in Live Auction

LJ Hooker which is one of the largest real estate groups in Australia is set to hold a live luxury home auction in exchange for virtual currencies with the presence of a live auctioneer. The five-bedroom house which is located in New South Wales, Australia will be placed online for bidding by James Pratt Auctions and Nuyen, a blockchain company.

Greg Costello, which is the owner of the property and is also the president of Nuyen revealed that in addition to the two virtual currencies currently being accepted, AUD will also be added to the coins being accepted in the auction.

The auction has reportedly caught the attention of several buyers from Canada, Australia, China, and the U.S.

Costello said that:

“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.”

He went ahead to say that he is of the belief that more live auctions for digital currencies will be held in the future as bidders from other countries can easily take part.

He said:

“All signs point to a borderless system where digital assets are traded for real assets.”

LJ Hooker was founded in 1928 and it has branches in New Zealand, Papua New Guinea, Vanuatu, Australia, Indonesia, and China. The company claims to be the best known and most trusted real estate brand in Australis and manages the largest property portfolio in the region which consists of approximately 160,00 properties valued at $100 billion Australian dollars (~$71 billion).