The cryptocurrency space was recently pushed into real estate spotlight after virtual asset enthusiasts and users were allowed to use digital currencies to purchase a beach side property in Australia. In a first, the live auction used cryptocurrencies such as Bitcoin [BTC] and Binance Coin [BNB].
Changpeng Zhao, the CEO of Binance, one of largest cryptocurrency exchanges in terms of trading volume, tweeted to his nearly 300K followers about the development. He announced that “the world’s first live property auction using cryptocurrency” would take place next month.
The stunning beach side property is located at 1 Beech Lane, Casuarina, New South Wales and will be put up for auction in an event which has been labelled as an “international live property auction using cryptocurrency.”
Following the announcement, CZ clarified that the residence was “not a Binance house,” and said that he only “appreciated the property a lot.”
Trigon Trading, a firm facilitating high volume, over-the-counter [OTC] trades in Bitcoin, Ether, Litecoin, and XRP, revealed that it will be assisting the NuYen exchange in the settlement of BTC to Australian dollars during the real estate auction.
The announcement received many responses from social media users. Twitter user @rallyqt stated,
“This house is futuristic! It’s for sale for 471 Bitcoins $BTC (appr. $1.8 million at current prices) or I’m guessing ~200K Binance coin $BNB. The crypto price is way cheaper than fiat price. Nice.”
Moreover, Brad Laurie, an Australian resident with a YouTube channel on cryptocurrencies, said,
“I actually have seen this house for sale for a while now, ([it’s down the hill and road for me in Australia]. Imagine @cz_binance in a decade. When it was first advertised it was just in $BTC so this addition of $BNB is interesting.”
The massive adoption of virtual assets in institutions of trade and commerce is crucial to the development of cryptocurrencies. Hence, this development is being viewed by many as a huge accomplishment, not just for Bitcoin and Binance Token, but for the crypto-sphere as a whole.