According to a statement on Friday, the agreement between crypto exchange CoinSpot and Melbourne-based car retailer Dutton Garage will allow customers to make a purchase in up to 30 cryptos, including Bitcoin.
This decision to allow investors to purchase vehicles using digital assets is truly groundbreaking. Last year Tesla also proposed selling its cars for Bitcoin, but its CEO, Elon Musk later reversed the company’s decision, citing environmental concerns about Bitcoin mining.
Purchases will be made available through OTC trading desk, which the exchange claims will limit customers’ exposure to market fluctuations, minimise low liquidity risk, and reduce slippage for those transacting more than $50,000. You can learn more about this exchange’s fee structure in our detailed CoinSpot review.
The crypto industry’s relationship with luxury vehicles dates back to 2011, when startup CEO Peter Saddington used 45 Bitcoin he had purchased for $115 to purchase a $200,000 Lamborghini Huracan. The Lamborghini, or “Lambo,” became somewhat of a status symbol in the crypto world, inspiring a meme culture around it.
Both companies stated that the collaboration was prompted by “strong demand” from Australian customers to purchase vehicles and other luxury items using cryptocurrency.
“With Web3, digital currencies are becoming more than just stores of value, and instead, legitimate ways to purchase big-ticket items,” said CoinSpot Chief Product Officer Gary Howells. “Increasing crypto’s utility is the key to driving mass adoption of what we believe is the future of finance.”