While it is common across the United States, cryptocurrency auctions are not as popular around the world. The first independent auction for cryptocurrencies will take place in Northern Ireland auction company, Wilsons Auctions for seized Monero (XMR) coins.
The auction is the first ever cryptocurrency auction to be carried out online by an independent and private auction house. Wilsons Auction house in Newtownabbey is planning to carry out a live auction of 167.6 Monero tokens, approximately $9983 USD at current exchange rates. The coins were seized by the government authorities and have been placed for auction starting on 7th January 2019, starting 12 noon U.K time. The live auction will take 24 hours.
The auction will be carried out in 2 minute intervals for each of the 10 lots of 167.6 XMR. The first lot will end its interval at noon with the lot including the forks of Monero.
According to the Proceeds of Crime Act in U.K law, the XMR tokens were found to have violated the law by being used in unlawful activities. This prompted the authorities to seize the cryptocurrencies and place them for auction. Investors across the world will be able to participate in the live auction of the lots placed and place their bids.
Wilsons Auction house is the first ever private auction house to auction seized cryptocurrencies across the world. Its popularity seems to be taking off at a rapid pace as the Belgium Federal Government Asset Management Office offered to place any seized cryptocurrencies in the auction company.