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The use of Bitcoin to purchase real estate around the world has picked up significantly over the past few months.

Today It was announced that Binance would collaborate with Australian company James Pratt Auctions and NuYen to hold the very first live property auction exclusively using cryptocurrencies.

Buyers will be able to use either Bitcoin (BTC) or Binance Coin (BNB) for payment.

Binance CEO, Changpeng Zhao, recently highlighted the real estate asset class as a path for adoption among cryptocurrencies, tweeting about the upcoming auction:

“The world’s first live property auction using cryptocurrency streaming. Accepting Bitcoin & Binance Coin #useBNB https://www.realestate.com.au/property-house-nsw-casuarina-129081390 …”

Explained by RealEstate.com.au, the auction is set to ‘utilize a borderless payment system,’ and this includes accepting payments of cryptocurrencies.

The property in question resides in Casuarina, New South Wales, Australia. Named ‘The Jetsons’ due to its modern and futuristic architecture the property will be among the first mainstream partnerships of real estate cryptocurrency transactions.

While the Australian sale will be the first live sale, it won’t be the first house sold via cryptocurrencies.

Antalya Homes, a leading real estate agency in Turkey sold nine houses in 2018 using BTC. The company said of the purchases:

“Purchasing property with cryptocurrency offers more advantages.”

Their Chairman, Bayram Tekce, further added:

“Payment with cryptocurrency enables a more reliable and faster transaction performance such as money transfer between bank accounts without any exchange loss.”

In December 2017, the first Bitcoin only real estate deal executed was in Miami, with the buyer paying 17.74 BTC ($275,000) for a two-bedroom property in the Upper East Side neighborhood.

A very convenient aspect of using cryptocurrencies for house sales is their feature of cross-border payments. This allows for payments of any amounts for a fixed-fee. By doing so, it reduces the obstacles faced using large international bank transfers or forex charges.

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