Binance Supports First Live Property Auction Using BTC and BNB

By March 20, 2019 Bitcoin Business
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Binance, property auction, BTC, BNB
Binance has announced the first live property auction using BTC and BNB. | Source: Shutterstock

Cryptocurrency exchange Binance is partnering with real estate auctioneer James Pratt Auctions (JPA) to launch a live property auction using bitcoin and Binance Coin (BNB).

On April 8, buyers can bid on – and buy – a futuristic-looking, luxury, beach-front mansion nicknamed ‘The Jetsons” in Casuarina, New South Wales, using BTC or BNB.

The auction follows a partnership between Binance, JPA and NuYen Exchange. It also represents another step towards greater adoption of digital currencies.

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CEO of JPA and head auctioneer James Pratt said his company is excited to embrace cryptocurrency:

This process gives the consumer another option to consider when purchasing real estate. For the vendor, it can help attract a whole new kind of buyer … There is a large audience internationally excited by this.

BNB – Real World Use?

Founder and CEO of Binance Changpeng Zhao tweeted about the auction, utilizing the hashtag #useBNB. TrigonTrading, a Queensland-based exchange specializing in high-volume, over-the-counter (OTC) trades, says it will help facilitate the auction and sale.

The world's first live property auction using cryptocurrency streaming. Accepting Bitcoin & Binance Coin #useBNB https://t.co/pt4ULhkSOC

— CZ Binance (@cz_binance) March 11, 2019

While this isn’t the first property to be bought with crypto, the move marks the first time a live property auction using BTC and BNB will occur.

The inclusion of BNB as a payment option alongside BTC is significant, and will no doubt help the native Binance coin’s recent meteoric rise up the charts as it seeks to become a more widely-used payment option.

Crypto influencer and YouTuber Blockchain Brad responded to CZ’s post and said the addition of BNB as a payment option was interesting, while Binance fans said this was further evidence that “mass adoption is near.”

A Surfer’s Paradise

Anyone looking to place a bid on the luxury home should be ready to dig deep to win. Properties in the suburb sell for an average of $1.16 million (AUD), though you seem to get a lot of house for your money.

Nicknamed “The Jetsons” because of its ultra-modern design, 1 Beech Lane, Casuarina, is an 412 square meter mansion with five bedrooms and three bathrooms. It boasts heated 25m pool, a trampoline, full Google Home automation, a key-less entry system, solar panels and of course, air conditioning.

JPA is excited and grateful to be working on an upcoming world first @binanceexchange @jpa_group @nuyenexchange auction on the 8th April 2019. #worldfirsttechnology . . @ryrylee9 @gregcostello_nuyenblockchain @binanceexchange . @nuyenexchange @ljhwitheriff @nickpav98 @milliondollarlistingsydney . @juwai_news #elonmusk

A post shared by James Pratt Auctions (@jpa_group) on Mar 6, 2019 at 4:53pm PST

The house is listed on Realestate.com.au and is described by sellers as setting new benchmarks in “design, excellence, innovative engineering and ultimate liveability.” It is listed as being only 30 minutes away from the popular surfer mecca known as Byron Bay.

The auction was announced by Sydney-based JPA in an Instagram post to its 17K followers on March 7. It will take place at 11am (AEST) on Monday, April 8.

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