The world’s largest classic car auction house, RM Sotheby’s, is partnering with BitPay to enable acceptance of bitcoin and other cryptocurrencies for payments.
RM Sotheby’s is the world’s largest collector car auction house by total sales, and BitPay is the world’s leading bitcoin and cryptocurrency payment service, according to an RM Sotheby’s Press release. By offering a crypto payment option, RM Sotheby’s hopes to attract a wider customer base of collector car enthusiasts.
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“Cryptocurrency has become an important part of the financial landscape and is now how many people choose to transact large investments,” said Bryon Madsen, chief strategy officer at RM Sotheby’s. “We want [stay] true to the needs of our customers as well as those new to the classic car market. The role that cryptocurrency will play in the collector car market will only expand in the future,” Madsen continued, adding that “BitPay handles the entire process and makes it easy for the customer to receive crypto and deposits of money into our account.
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RM Sotheby’s said adding cryptocurrency to its payment options will bring greater transparency and efficiency. BitPay’s blockchain payment processing enables borderless crypto payments using BTC, BCH, DOGE, ETH, LTC, WBTC and BUSD, DAI, GUSD, USDP and USDC stablecoins, according to the release.
BitPay’s commerce solutions also aim to root out transaction scams, reduce payment processing expenses, and facilitate borderless cryptocurrency payments. With BitPay, RM Sotheby’s receives settlement the next business day in the local fiat currency.
“RM Sotheby’s is realizing the potential of crypto to transform the collector car market, making payments faster, safer and cheaper globally,” said Shaun Worley, Vice President of Product at BitPay. “Our goal at BitPay is to make crypto acceptance a seamless process and increase adoption, because crypto is the future of payments.”
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RM Sotheby’s kicked off its crypto acceptance on November 19 with the auction of the Guikas Collection, an offering of 77 sports and competition cars.