The Coinspot over-the-counter (OTC) market allows Australians to purchase Dutton cars in over 30 different cryptocurrencies. These digital currencies include Bitcoin and Ethereum. Coinspot OTC does not require public order books for large transactions (at least AUD$ 500,000), decreasing exposure to market volatility.
“As Australians look for new methods to get more value out of their crypto investments, CoinSpot’s partnership with Dutton Garage exemplifies our commitment to expanding the utility of crypto,” said Gary Howells, CoinSpot’s Chief Product Officer.
Dutton has partnered with CoinSpot to let Australians to purchase Dutton cars in over 30 different cryptocurrencies
CoinSpot customers can now buy premium autos with up to 30 cryptos. CoinSpot has partnered with Melbourne-based vehicle dealer Dutton Garage for the same purpose. Tesla, an electric vehicle manufacturer, proposed selling its vehicles for Bitcoin last year.
CoinSpot’s partnership with Dutton Garage exemplifies our commitment to expanding the utility of crypto, according to Gary Howells, CoinSpot’s Chief Product Officer. “As Australians look for new ways to get more value out of their crypto investments, CoinSpot’s partnership with Dutton Garage exemplifies our commitment to expanding the utility of crypto,” said Gary Howells, CoinSpot’s Chief Product Officer.
CoinSpot, one of the most popular cryptocurrency exchanges in Australia (by the number of users), now allows Australians to buy high-end cars with bitcoin. For this, Dutton Garage, a Melbourne-based vehicle business, has partnered with the cryptocurrency exchange. Bitcoin will be among the cryptos that can be used to purchase automobiles via CoinSpot.
An Australian company is allowing digital assets to be used to purchase cars for the first time. Last year, Tesla, the electric vehicle company, offered to sell its vehicles for Bitcoin. Tesla’s CEO, Elon Musk, later altered his decision, citing Bitcoin mining’s high gas consumption as a major environmental issue.
CoinSpot’s over-the-counter (OTC) trading desk will be offering this purchase. Market volatility and liquidity risk will be eliminated for customers who transact over $50,000, according to the exchange.
The crypto industry’s relationship with luxury cars dates back to 2015, when Peter Saddington, the CTO of VinWiki, a start-up that provides automotive histories for used cars, paid 45 Bitcoins (approximately US$200,000 at the time) for a Lamborghini Huracan that he had purchased for less than US$115 in 2011 when the Bitcoin price crashed by more than 90percent. Peter claimed to have purchased the vehicle from someone who took Bitcoin as payment.
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Also read: Ark Invest Sells Its PayPal Holdings in Order to Launch a Crypto-Friendly Cash App