Home buyers can now buy property with bitcoin through an auction house’s online platform.
Lloyds Auctions has opened its online platform to real estate sales, thereby facilitating the purchase of Australian property with cryptocurrency.
The auction house is touting its adaptable approach to real estate transactions, adding the ease of bitcoin as a payment option to their suite of offerings meant to allow potential buyers to participate in auctions from anywhere, by any means.
With COVID disrupting live events, Lloyds said it has embraced an adaptable model combining live on-site bidding, online bidding, phone bidding, and absentee bidding, with a multi-camera simulcast production streaming the production.
The pandemic has also seen the house update its capability for previewing items soon to hit the block, offering extensive audio-visual viewings of properties and the other items it sells – from fine art, classic cars and jewellery to NFTs and earthmoving machinery – to viewers anywhere in the world.
Lee Hames, chief operating officer for Lloyds Auctioneers and Valuers, said that with the firm’s reach expanding, they realised many were seeking more adaptable methods of payment.
“The use of cryptocurrency as a payment method is becoming more commonly used for purchases as confidence surrounding cryptocurrency gets stronger. This opens up our platform to a whole new audience who otherwise might not have been interested in purchasing property,” he said.
“This is an online auction first, and we are extremely excited to offer this new technology to our ever-growing worldwide clientele base expanding our company into a new division in a way that no other auction house has done before,” Mr Hames added.
The house launched its first online property auctions earlier in the week and said it had already seen millions of dollars in bids flowing in from potential new home owners.
ABOUT THE AUTHOR
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.