CoinSpot Now Lets Australians Buy Cars With Crypto In-Country First
- Australia’s largest stock exchange and a local car retailer have signed a deal allowing customers to buy luxury vehicles with crypto
- The move marks a first in a country and one of the first in the world since Tesla reversed its decision to let customers make purchases using bitcoin
One of Australia’s largest crypto exchanges by total number of users has signed an agreement with a local retailer allowing individuals to purchase luxury vehicles using crypto.
The agreement between crypto exchange CoinSpot and Melbourne-based car retailer Dutton Garage means the automaker’s customers can now make a purchase for up to 30 cryptos, including bitcoin, according to a statement on Friday.
The decision to allow investors to buy vehicles using digital assets opens up new opportunities for the country and is one of the first in the world since the electric carmaker You’re here originally offered to sell its cars for bitcoin last year. Tesla CEO Elon Musk later came back the company’s decision citing environmental concerns about bitcoin mining.
Purchases will be available through CoinSpot’s OTC trading desk, which the exchange says will limit exposure to market fluctuations, minimize low liquidity risk, and reduce slippage for clients transacting over 50,000. $.
The crypto industry’s relationship with luxury vehicles has a deep history dating back to 2011, when startup CEO Peter Saddington cashed in 45 bitcoins which he had acquired for $115 to buy a $200,000 Lamborghini Huracan. The Lamborghini, or “Lambo,” has become something of a status symbol to prove its success in the crypto world and has inspired a culture of memes around it.
Indeed, some luxury vehicles listed on Duton’s websiteincluding a 1967 Ford Mustang and a 1964 Porsche Coupe, sell for around $350,000 (US$262,000).
The two companies said the partnership addresses “high demand” from Australian customers to purchase vehicles and other luxury items using crypto.
“With Web3, digital currencies are becoming more than just stores of value, and instead, legitimate ways to buy big-ticket items,” said Gary Howells, chief product officer at CoinSpot. “Increasing the utility of crypto is key to driving mass adoption of what we believe is the future of finance.”
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