Lloyds Auctions an Australian auction house is now accepting bitcoin for real estate purchases in an online auction first for commercial and residential properties.
The innovative online auction house is proving to be a disruptor in yet another market, with the combination of properties starting at just $1, a gazump-free guarantee and accepting all forms of payment including cryptocurrency, Lloyds is challenging the traditional real estate model.
Throughout COVID lockdowns this veteran auction house has used high quality audio/visual walkthroughs of each property along with millions of items sold, to morph itself over the last 5 years into a digital disruptor of over a dozen different verticals including art, classic cars, diamonds, NFT’s and earthmoving machinery.
The Lloyds Auctions platform operates with a combination of live on-site bidding, online bidding, phone bidding and absentee bidding that all simultaneously combine to create the same live auction experience, and for bidders unable to attend physically Lloyds live streams a multi-camera simulcast production worldwide.
“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,” said Lee Hames, Chief Operating Officer for Lloyds Auctioneers and Valuers.
“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,” continued Mr. Hames.
The first online property auctions were launched 3 days ago with millions of dollars of bids already received it looks like bidders are more than comfortable with this new online real estate model.
These auctions finish on the 30th of October.