- Lloyds has announced it will accept Bitcoin for commercial and residential auctions
- Vendors will still be paid in cash upon the auction clearing
Bitcoin can now be used to purchase real estate at auction, with Lloyds Auctions announcing they will now accept the cryptocurrency in an online auction for commercial and residential properties.
Earlier this year, experts told The Property Tribune it was likely bitcoin would become increasingly popular for larger purposes such as buying property.
The announcement is part of Lloyd’s challenge to the traditional real estate model. Vendors will still be paid in cash as part of the transaction.
During the Covid-induced lockdowns, Lloyds has been using high-quality audio/visual walkthroughs property auctions as well as for other items such as art, classic cars, diamonds, earthmoving machinery and even non-fungible tokens (NFT’s).
The auction house’s online platform uses a combination of live in-person bidding with phone bidding and absentee bidding to create a live auction experience.
For bidders unable to attend physically, Lloyds also live streams a multi-camera simulcast production.
“The use of cryptocurrency as a payment method is becoming more commonly used for purchases as confidence surrounding cryptocurrency gets stronger,” said Lee Hames, Chief Operating Officer for Lloyds Auctioneers and Valuers.
“This opens up our platform to a whole new audience who otherwise might not have been interested in purchasing property,”
Lee Hames, Lloyds
“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.”
The first string of the new online property auctions has so far hinted that bidders are comfortable with the new model, with these rounds of auctions to conclude by the end of the month.