In what can only be viewed as a clear indicator of increasing crypto adoption within Australia, a merchant recently bought some land in New South Wales via a crypto-enabled e-commerce platform called Ecryptostore.com.
Ecryptostore is fueled by a native currency called the Free Market Token (FMT) and functions in a manner that is quite similar to eBay. The core difference, however, lies in the fact that users of Ecryptostore have the option to pay or be paid via crypto or fiat currencies.
When looked at from a technical standpoint, we can see that this platform records all of its transactions on the NEM-blockchain. Also worth mentioning is the fact that the company’s native token has been developed by a team of experienced devs including Nathan Burns, Austin Lewinsmith, and Rafael Bergola— all of whom have been involved with the Australian crypto sector for quite some time now.
Details of the Deal
According to various online reports, the aforementioned deal is part of a development project that will help foster the creation of a 3,500 Acre holistic community. The property is located between the Gold Coast and Byron Bay in NSW, and lies in the vicinity of other local townships such as Nimbin.
From a financial aspect, it has been revealed that the sale price is equivalent to AUD $155,000 and all payments have been processed by the Ecryptostore platform in Bitcoin and Ethereum.
In a statement released by Ecryptostore Founder Mr. Nathan Burns, he said:
“We are excited to help facilitate a smooth transaction of Bitcoin and Ethereum and to show how easy it actually is. We believe that this is possibly the first genuine realization of multiple cryptocurrencies to purchase a share of this nature, and it has been achieved via Ecryptostore’s platform.”
Final Take
With the spreading of this news like wildfire across the internet earlier today, many members of the global crypto community are already considering this to be a landmark deal.
Even though Ecryptostore might have paved the way for something quite unique here, it now remains to be seen how the market at large responds to this novel investment platform in the coming future.
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